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12,760 Posts.

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09/11/15

22:18

Post #: 16356988
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Originally posted by johnyb26 ↑

Hi Milli, I am sourcing my info from the course "The Wyckoff Method, How Professional Traders Think, W.H.C Bassetti, Golden Gate University, Fl 498S", which I believe was the condensed educational course in Wyckoffian technical analysis popular post 1930's.

On page 6, paragraph 2 we read "Corrections in price represent entry opportunities when other criteria are met. Normal corrections = 50% but may range from 33-66%. The traders eye should be caught to reactions of this magnitude and supply and demand study should be made."

Maybe he borrowed some of this from Gann and Dow.

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It is common for a gold bull rally from $200 to $5,000 with 50% retracement in between. It should be around $950-$1050 correction target from all time high. We are about there. Soon or later the FED policy of over inflating USD could fail & they will start to realise the damage. QE or consecutive negative rate cut could be on the table.
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