I'm just sayin'...
Back in 2000 or so I made the comment in a post on the old Strictly Drilling thread that there was a huge cup forming on the WTIC (west texas intermediate) chart that were it to grow a handle and complete would take the price of oil well into the 70's and higher. At the time oil was in the 30's and a doubling of the price seemed impossible, oil was just beginning to head down to form that handle. Which it did by 2002 and then proceeded to complete that prediction by hitting $78 area in 2006. Unfortunately I sold most of my energy then and, with a some exceptions, missed most of the ride up to $147.90. Fortunately part of the reason I missed most of the oil ride was I was too distracted by the bullish gold positions I had.
But that is not the point, the point is, large chart formations spanning a huge amount of time CAN work. Go ahead, chart $WTIC monthly 1989 to 2001 (or farther back with a different oil number). Up until the point where I saw the pattern on the oil chart, I had no idea that chart patterns could span such a huge amount of time. ALSO, there were NO comments at the time I made that initial observation back in 2000-2001, so I don't think I was the only one with some doubt about the validity of huge chart formations spanning large periods of time.
But I am a believer now.
And I just want to mention, once again, that the chart pattern on GOLD 1979 to present is even larger than the oil pattern that reached and exceeded target.
The simple target on the gold chart is 1815. That is the FIRST target.
I don't know WHEN, but it IS going to happen.
Best Regards,
Roebear |
