Posted 07 October 2009 - 02:59 PM
Doesn't gold making new highs so late in the 56 week cycle portend a shallow correction and explosive out of the cycle bottom?
That's quite true from a cyclic point of view. The tricky part is seeing where and how the correction comes and then to have to guts to buy it. I say that because the correction may be sharp but only to HUI 350, or a Gann level I watch at 323. And then the correction may not come until later. But the longer term cycle low is in no doubt.
No way to tell what comes in the near term, but I live and die by the 56 week cycle. It kept me out of the worst gold bear market this decade and now I will look for places to get long once again.
Edited by SilentOne, 07 October 2009 - 03:00 PM.
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain