(2 charts)ufo
$XAU
Started by
U.F.O.
, Oct 22 2003 10:27 PM
4 replies to this topic
#1
U.F.O.
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U.F.O.
Posted 22 October 2003 - 10:27 PM
A lot of the e-wavers are calling for a large gold retracement in Nov. What if.....$XAU really has put in a multi-year inverted h & s and the recent neckline support holds? Is there a "super bullish" wave count for gold and the miners that would preclude a sharp correction in the immediate future? I've got $XAU going to $140.00 off this neckline, just for conversation. (2 charts)
ufo
(2 charts)ufo
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#2
uncleharley
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Posted 23 October 2003 - 03:36 AM
There might be some consolidation between 100 and 105, but if it pops thru 105, I could see 140. 
#3
uncleharley
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Posted 23 October 2003 - 04:03 AM
After further review, if Silver picks up another 20 cents or a bit less, XAU should surge even if Gold is flat.
#4
blustar
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blustar
Posted 23 October 2003 - 02:18 PM
Sometimes a market punches back through a neckline on its way to its eventual target as has the S&P 500 recently. I believe that will happen in gold too, only in reverse.
blessings,
blustar
#5
SevenOfEleven
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Posted 23 October 2003 - 08:55 PM
Don't forget the potential for a long sideways correction that either does or doesn't breach the neckline. The neckline is a diagonal and a long term (multi-month) correction of a pattern that large certainly wouldn't be an anomaly.
There's a couple of charts (click here) that I've posted over at Capital Stool that show at least one potential for correction based on this article that Charmin posted not too far prior to the charts I'm referring to. You should see the XAU chart at the link I just gave for CapStool and the HUI by selecting page 5 (previous page) near the top and bottom of the posting area (format is like this board).
I'd post them here but that's a lot of cross posting. I did want others to see the charts, however, and especially to read the article.
I only update the charts at my stoolcities page once a week - obviously we've been blazed in mid swdn for the cycles I track by larger cyclical activity. So, while not yet violated totally, you'll see that where we should be moving down still we're not. We're under the influence
*hic!* of a larger cycles that appear to be in the process of topping.
Regards.
-SevenOfNotSoTerseEleven
There's a couple of charts (click here) that I've posted over at Capital Stool that show at least one potential for correction based on this article that Charmin posted not too far prior to the charts I'm referring to. You should see the XAU chart at the link I just gave for CapStool and the HUI by selecting page 5 (previous page) near the top and bottom of the posting area (format is like this board).
I'd post them here but that's a lot of cross posting. I did want others to see the charts, however, and especially to read the article.
I only update the charts at my stoolcities page once a week - obviously we've been blazed in mid swdn for the cycles I track by larger cyclical activity. So, while not yet violated totally, you'll see that where we should be moving down still we're not. We're under the influence
*hic!* of a larger cycles that appear to be in the process of topping.Regards.
-SevenOfNotSoTerseEleven
