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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Square_Dealings who wrote (28243)	2/17/2003 9:38:15 AM
From: big guy	Read Replies (1) \| Respond to of 36161

"Actually down $ 9.30 now. Below important fibonnacci support. Its toast and at this point I wont attempt to trade it until it gets under 200." stockcharts.com[w,a]waclyyay[pb50!b200][vc60][iUk14!Ll14]&pref=G I'm not a paying member so I can't annotate the chart I've linked but draw your lines across the Oct 99 and June 02 tops and you will see a cup and handle pattern that has yet to have any sort of retest of or retracement towards its breakout point. This retrace/retest in my opinion is not only healthy but very necessary if we are to continue higher. Also note that every advance in price since the April 01 low has had a meaningful retrace or in some cases a complete restest of its breakout point. Why should this latest advance be any different? I'm not saying the price of gold can't go to hell in a hand basket. But I just don't see where you can draw that conclusion by viewing its recent and in my opinion still bullish price action.