Best looking weekly chart, page-2089

First 2089 Last

Share
Profile

Follow
goodoh

716 Posts.

553

19/05/24

09:46

Post #: 73898239
Share

Originally posted by goodoh: ↑

Attach is my thoughts for the market in the next few months. Just in case some thinks that I am all the way bullish; I am writing this to clarify my position which is that I am bullish as long as the charts suggest that the trend is up but will change when I sense the chart is saying the trend is starting to change.
Right now the trend in gold and gold shares is up but it can change if the spy(etf for spx) tops out which may be happening soon based on the long term log chart of the spy. Prices can top out now or it may top out at the upper rail which would mean we can still have 20 over percent upside in the spy. But there is no guarantee that it will test the top rail and if it does than I would be selling out most of my portfolio as we can see every time it test the upper rail it crashes just a few months later and it would be no different this time. The difficult task is to determine if it would top out before it touch the top rail which is likely based on the monthly cycle and based on the target price measured from the impulse to impulse move method.
When it does top out my take is we will at least test the bottom rail of the channel which would mean a 20 plus percent haircut were it to happen now.
If that is the case and if it happens in a short period of time then there will have to be a lot of deleveraging taking place which implies gold will not be immune at least initially. Please do your own research for I can be wrong.
Bear in mind this is a log chart

Expand

Attached is the big picture historical view of gold when it breakout from large base. We can see that when it does breakout it impulse up for a good percentage gain before it corrects/pullback to retest the breakout sar line. which can be a large pullback before prices begin to move up in a resonable pace usually in a uptrending channel.

NST Price at posting: $14.69 Sentiment: Hold Disclosure: Held
5 Upvote

2 Great analysis

Reply