No replies to this topic

[Master Che]

11/15/11 6:52EST GOLD: Today’s range move was 26.90 Majority of the time such a range move (more than 20.00) Indicates either a immediate term bottom or top, in this case a bottom But it does one of two things before the move up from the immediate term bottom 1) Often (roughly 50% of the time) we create a second similar pattern although generally 15%/16% smaller (range) which in our case is roughly 22.50 and originates in opposite ends meaning (in our case) the pattern originates from top then moves down 22.50; the last high after 1787.80 was 1785.90; therefore if this is the correct scenario then from 1785.90 down to 1763.40 2) it breaks to the upside In order to determine which scenario it is; use 1782.80 (new OAV) and more importantly the floating OAV currently at 1775.40 (descending 0.10 every 60 minutes) to determine 1793.60 is the patterns break-out level but bear in mind the weekly resistance pivot at 1797.30 has been active resistance since 11/7 the move is up to 1814.70/1815.00; although in light of the 4 failed attempts to break above the weekly pivot; a break above it adds to the upside target up to 1817.20; in addition expect an immediate pullback from the 1817.20 level; this pullback should be quite pivotal, meaning if it holds the weekly pivotal; then it means we’re heading up to 1872.20 on the move back up 1816.90 comes into play as resistance; above it straight up (parabolic) to 1859.10; a short lived pullback and upward in quite a choppy fashion, meaning up (slowly 10.00, and then sharply down 6/7 and up again slowly until 1872.20 Now in the event (highly doubtful) we reach 1817.00 and hold the 1816.90 level and continue up (no pullback) it means we’re on a straight line up to 2130.40