GOLD going here in the coming year or two?...
848 into 875 first support
730 support
540 into 602 and the bull market is still intact!!!
A correction here does not imply an end to the bull market that will happen in 2016.
GOLD just completed two incredible complex technical patterns that I have not seen on any blog or board. A Bearish Broadening Megaphone Top and a Parabolic and Dome finish to this blow off run.
800 break down on the Megaphone and the Parabola calling for around that 730 support in the next year or December 2010.
Nuts; I just chart it, we shall see.
-----
Parabola
In mathematics, the parabola (pronounced /p?'ræb?l?/, from the Greek pa?aß???) is a conic section, the intersection of a right circular conical surface and a plane parallel to a generating straight line of that surface. Given a point (the focus) and a corresponding line (the directrix) on the plane, the locus of points in that plane that are equidistant from them is a parabola.
While the parabola is not an important concept in abstract mathematics, it is seen with considerable frequency in the physical world, and there are many practical applications for the construct in engineering, physics, and other domains (trading).
Dome
The dome's convex region, which may be referred to here as "ceiling" - top.
----
Magaphone
Technically speaking, a broadening top is a rally to a new high, weakness to an intermediate support level, a second rally to a higher high on increased volume and decline through the intermediate support level, a third rally to a higher high on strong volume followed by a eventual collapse. ABCDE breakdown.
Whereas some technical patterns are characterized by consensus and a general lack of volatility, the same cannot be said about the broadening top. These patterns always feature indecision and extreme volatility.
Broadening formations are only found in topping formations because they are the product of unrealistic expectations on the part of bullish investors.
-Gold is now at 98 percent bullish based on EW data.
West |
