29 replies to this topic

[diogenes227]

CHIRP CHIRP

As averaging-down opportunities go, this one is shaping up as a gem.

http://stockcharts.c...4576&r=6823.png

[inamosa]

Another look:
http://stockcharts.com/c-sc/sc?s=$XAU&p=W&yr=5&mn=0&dy=0&i=p75707805651&a=165242334&r=591.png

[goldswinger]

ALISOMJI, It looks to me like an upward (bullish) flag pattern, if so we should go back up an exceeed the previous highs.........in a fast wave up. GS.

[inamosa]

ALISOMJI, It looks to me like an upward (bullish) flag pattern, if so we should go back up an exceeed the previous highs.........in a fast wave up.

GS.

Are you talking about the last three bars?

Edited by alysomji, 17 April 2009 - 11:33 PM.

[goldswinger]

Yes, unless of course if we break that formation convincingly next week, at this point all my short term charts show 5 waves down completed which would point to a bounce......

[goldswinger]

Ali, to this chart, I would add a line connecting the previous tops prior to the highest top in a downward sloping line which would point to 142-143.... That should be the ultimate top before the UGLY correction.......down to to sub 100 levels on the XAU. Goldswinger.

[swanstkdh]

I think that must be the correct count. I see it on the juniors. An impulse wave 4 up (very dangerous and if I did not need to would not trade it). This is not a trend move. The ugly trend down (5th wave down could start as you say after an impulse 4 up. CHOPPY these 4's . Get out of dodge and go short or wait for the 5 down to be over. The prices will reallly cave in fast before a new bull can start. Anyone else see it??????

[inamosa]

GS, I think I put in the line you requested now

[goldswinger]

Ali, My thinking is it might just head back up to 143 or so and then all hell's going to break loose for the early to mid May low. Some people are looking at mid May for a high on the stock market.... I am not so sure about that.....the logic being market highs will be coincident with gold lows, I am thinking that both gold share lows and market lows will be more or less coincident........but I am not too sure about that , just leaning that way.....what do ya think? GS.

[inamosa]

We should see a short-term bounce early next week from around where we are now...I would like to see us get back over 126 and hold above, and then successfully test our last swing high in the 140s Watch that weekly oscillator becuase I think we need it to turn around and soon, otherwise I think as low as 80 may be in the cards