Monday, November 28, 2016 2:33:25 AM
A back-testing Fibonacci exercise for spot gold .
curiosity gave me this idea,to go back and see what the Gold chart did from 2001 to the present. Ive never really examined the whole thing before.
I want to be able to see the patterns of Elliott waves developing along the Fibonacci math tracks/pathways to Fibonacci targets,and see the relationship between the Fib targets and the actual target peaks the chart made. and see if a completed 5-wave pattern comes together to satisfy Elliott wave structure,and how close the chart structure comes to fitting the standard EWave picture.
The first chart ,covers the bottom in 2001 thru the first sets of waves that develop into the Elliott "wave 5" target zone.You can see from the Fibonacci tools,the "wave 5" targets are from 514-545-565 area to watch for.
Not knowing where price will go from here, I see this chart having crafted a rally pattern that has completed waves 1/2/3 and now sliding sideways,I would be anticipating the completion of this sliding down sideways "wave 4" and the beginning of the 'wave 5' rally that might start from the 380-400 area and target the Fibonacci math targets at 514-540 area,maybe 565 area... but somewhere above the 500 area. A double from the 270 bottom would target 540. This is the bias now on this chart ,that saw a slow rally from 2001 thru 2005 to finally see Gold make a double off the 2001 bottom. this would be a significant milestone folks were waiting years to achieve. and we're talking back at the beginning of the gold rally,from the year 2001 thru 2005/6 time period.
Visions of prices reaching 800 or 1000 are not on this chart yet.
Its a more nearsighted lens here to see the rally reach into the 525 area for now. as a completed 5 wave pattern.
This chart below,as it was playing out, appears to be working on completing the sideways 'wave 4' pattern here.... with the 200ma as a target zone around 385 area, the 400 area - a magnet zone, many targets of support in the 380/370 area,the confidence to hold support here (around 400-380) should feel and look ok,and the dips to buy are just below 400, maybe 365 area would be a bargain...
(much the same way that 1160 seems a bargain right now in late 2016).
Here's the chart.... and after looking at this portion, will come the next chart portion showing how it all played out as time went on.
(click to enlarge)
.................................................................
curiosity gave me this idea,to go back and see what the Gold chart did from 2001 to the present. Ive never really examined the whole thing before.
I want to be able to see the patterns of Elliott waves developing along the Fibonacci math tracks/pathways to Fibonacci targets,and see the relationship between the Fib targets and the actual target peaks the chart made. and see if a completed 5-wave pattern comes together to satisfy Elliott wave structure,and how close the chart structure comes to fitting the standard EWave picture.
The first chart ,covers the bottom in 2001 thru the first sets of waves that develop into the Elliott "wave 5" target zone.You can see from the Fibonacci tools,the "wave 5" targets are from 514-545-565 area to watch for.
Not knowing where price will go from here, I see this chart having crafted a rally pattern that has completed waves 1/2/3 and now sliding sideways,I would be anticipating the completion of this sliding down sideways "wave 4" and the beginning of the 'wave 5' rally that might start from the 380-400 area and target the Fibonacci math targets at 514-540 area,maybe 565 area... but somewhere above the 500 area. A double from the 270 bottom would target 540. This is the bias now on this chart ,that saw a slow rally from 2001 thru 2005 to finally see Gold make a double off the 2001 bottom. this would be a significant milestone folks were waiting years to achieve. and we're talking back at the beginning of the gold rally,from the year 2001 thru 2005/6 time period.
Visions of prices reaching 800 or 1000 are not on this chart yet.
Its a more nearsighted lens here to see the rally reach into the 525 area for now. as a completed 5 wave pattern.
This chart below,as it was playing out, appears to be working on completing the sideways 'wave 4' pattern here.... with the 200ma as a target zone around 385 area, the 400 area - a magnet zone, many targets of support in the 380/370 area,the confidence to hold support here (around 400-380) should feel and look ok,and the dips to buy are just below 400, maybe 365 area would be a bargain...
(much the same way that 1160 seems a bargain right now in late 2016).
Here's the chart.... and after looking at this portion, will come the next chart portion showing how it all played out as time went on.
(click to enlarge)
.................................................................
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