ok, so she's finally away, sadly was not confirmed until after our close so I fluked spotting a bullish pattern early - mind you, I'm still bullish and a lot of the general uptrend since MACD crossed over above $1,250, so had it not played out I may not have been in a lot of danger anyway. Yesterday's candle for the daily was a good one too, opening and closing near the top of the candle, lows rejected if you like.
Not that all patterns play perfectly and win in the end, but so far it's looking the goods.
Cup and handle is almost the same (I'm thinking) as reverse head and shoulder, the cup doesn't care about the extra shoulder. My guess, they are probably closely related.
But reverse H&S does look about right seeing the chart now.
I'll bet if an Aussie first came up with this pattern it would be called a D&B (not saying that name for fear of moderation
)
Anyway, trying my best here to predict what price target next. Again, it seems about the same as a cup and handle: take a read so you don't just think this is my theory
but height of the head to neckline, roughtly $6.50, so breaking the neckline as shown here, next target from 1,278.50 would be $1,285 (same as the cup and handle posted earlier today).
View attachment 317072
http://www.investopedia.com/terms/i/inverseheadandshoulders.asp
reading through... we have definitely got the volume spike as it broke out.
(volume is added to the charts at
http://goldprice.org/live-gold-price.html)
now to see if it delivers and makes it all the way, would be pretty nice to wake up and see us above the 200 day moving average and the HUI gets up again in a big way. Might finally slow down whoever has been offloading the past few days, or allow them good riddance
