Wow! Johno, you need to get a girlfriend. I think you are over...

Wow! Johno, you need to get a girlfriend. I think you are over complicating the analysis. I don't use fanlines at all, but some do. I thought today's action was weak. The gap was closed, the price had a sniff at 1.00 resistance, didn't like what it saw and retreated. Not altogether promising.

This still lokks like an A-B-C to me at this stage; does anybody else see that? It is very similar to the last two major corrections and the RSI has bounced off the same low level of the 75c bottom of Oct 2009. Look at the index (XGD) - similar action so no huge surprise.


I don't see any neckline at 1.00 no matter how many cups of coffee I consume. There is no head and shoulders going on here. There are no negative divergances in MACD, RSI or volume. All I see at this stage is a significant correction in a bull market.

It's as simple as A-B-C (hopefully).