technical perspctive, page-28

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20/06/14

14:01

Post #: 13551571
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Originally posted by joulesmm1 ↑

gold and silver pause at the highs today as both have reached their respective 38.2 and 61.8 return levels of the move from Dec lows to mid march high swings....arguably a very large triangle on a weekly basis

for elliotticians this would count neatly as (current) E which typically make a return move on the C wave
a sharp return that usually terminates the triangle and begins a new move in the opposite direction

the return is a tad over the 38.2% return for gold (38.2% is 61.8% squared) and silver has made a tad over the 61.8% return move.....that "tad over" can be looked at in a very positive light....when ratios/measures that are typically reliant get taken out by a mere fraction that tends to mean that while the resistance is heavy there was enough power to break the level and cause a fake move thru that level killing many stops and weakening the resistance....the measures need to work concisely....the 144 week cycle low could be seen as the beginning of a major low especially the way that we took several days to gather in cheap supply and then swing up

on the flip side, the large triangle thingy, for both silver/gold, is not a good look......E waves are typically sharp and are born out of covering (shorts that were added, on comfort, at the the low because it felt easy to do that hence the term weak shorts) and out of news releases such as Drahgi and Yellen speeches

you should remember that both the US Fed Bernanki and Euro Drahgi Chairmen added strong fuel to a rocketing price out of a triangle that led to the (equal) high in gold and silver upto september 2012 and we know what happened after that period

things to consider ....correct sizing of your investment is worth reviewing

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haven't bought anymore jst yet got an order in but hasn't been hit yet jmt

GOR Price at posting: 21.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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technical perspctive, page-28

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technical perspctive, page-28

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