ROUNDING TOP ??
Started by
mss
, Jul 31 2005 08:32 PM
2 replies to this topic
#1
Posted 31 July 2005 - 08:32 PM
uncleharley raised the question if I had any concerns about a rounding top at this time. Thoughts and comments are on the chart.
mss
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
#2
Posted 31 July 2005 - 09:26 PM
Mss, the rally of the last four months doesn't look impressive to me -- really just seems like an upwards/sideways correction prior to more decline. Of course, it doesn't have to even go down as far as this year's low, either.
And by the same token the whole move "down" plus sideways of the last year and a half isn't all that wicked, either. From that peak in early 2004 we might be making a "triple zig-zag, with two already completed and one to come.
The market can do what it wants, naturally, but I think you're right about a (relatively) shallow correction, though I wouldn't doubt we bust that lower trend line. Maybe gold bullion is due for a good shake-out. Let's say it goes to $375. Not even a 13% decline.
Mining stocks would probably have a higher percentage decline. Let's say 25%. Take us down to around 3.5 on your chart. Good support in dat area. Bull market still alive for long-term.
Just speculating...
Best,
Doug
And by the same token the whole move "down" plus sideways of the last year and a half isn't all that wicked, either. From that peak in early 2004 we might be making a "triple zig-zag, with two already completed and one to come.
The market can do what it wants, naturally, but I think you're right about a (relatively) shallow correction, though I wouldn't doubt we bust that lower trend line. Maybe gold bullion is due for a good shake-out. Let's say it goes to $375. Not even a 13% decline.
Mining stocks would probably have a higher percentage decline. Let's say 25%. Take us down to around 3.5 on your chart. Good support in dat area. Bull market still alive for long-term.
Just speculating...
Best,
Doug
#3
Posted 02 August 2005 - 11:59 AM
mss
Gold seasonal chart here: http://www.321gold.c...sonal_gold.html
If the fed continues raising rates that would indicate to me a rising dollar and a limit to gold's upside.
Gold seasonal chart here: http://www.321gold.c...sonal_gold.html
If the fed continues raising rates that would indicate to me a rising dollar and a limit to gold's upside.
Peace
johngeorge
johngeorge