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Superchicken

2,691 Posts.

143

10/11/15

06:25

Post #: 16357725
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Originally posted by AverageJoe ↑

So this is the monthly chart of gold and currently the next fib level (not the popular ratios) is 70.5% with some confluences. How can you then project the likely Fib extension as key likely tops? Usually it is the 1.27, 1.61 before an extended reach for another retracement. In other words there isn't a swing high/low post breakdown to find the extension of the Fibs.

View attachment 112290
It seems to be predicting a likely retracement is much easier than where the bounce will likely reach? That green MA(50) monthly = MA(200) daily. The monthly candle has definitely crossed and closed below and the 200MA is now pointing south, considered very bearish.

Unfortunately I would be very brave to find any reasons for a turning points but stranger things have happened. I keep an open mind.

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POG=USD1900 again by April next year then consolidate between 1750 and 1900. I don't use charts or magic numbers which have no real basis (where if enough people believe they become self-fulfilling) i just pluck numbers out of my arse and hope for the best. in the end, probably no less valid than any other method.....
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