Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: the-phoenix who wrote (758)	6/13/2003 10:20:15 PM
From: skinowski	Read Replies (1) of 941

I have been watching this triangle. Agree - if it is for real, XAU should spend some weeks pulling back. The latest rally retraced 78.6% of the decline into 3/27, and lasted 127% of the time that the decline took. The next Fibo time - the 161% - falls on the 4th of July (g/ng), and the lower trendline at that time passes through ~65. The drop would be about 78.6% of the rally into today's high, if it holds. (Not to mention that today the index touched the 70.7% retrace of the decline off the peak one year ago) The projection looks elegant... we'll just have to see if the reality will agree to keep dancing to this Fibonacci music.

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