Monday, November 28, 2016 4:04:54 AM
2006 begins...part 3..backtesting
f&%#ck...,I just accidently deleted
30 minutes of work down the drain,have to start over)
Ok, we are entering 2006,and I expect a pullback now.... to retest the shoulder zone around 450-420-400 area. I don't expect much more rally for this cycle. There are some higher targets around 565-570 area,but price could continue down in a larger pullback just as easily from here as 2006 begins.
The housing bubble was peaking in 2006 and the stock market was sailing along without a care in the world. The media was spinning the fake recovery while analysts knew it was a rigged game and there isn't any real recovery. (much like the same thing happening still, 10 years later in 2016)
Here's the first 3 months of the spot gold chart as 2006 gets going at a wave 5 completion zone. could it go a little higher ,or continue a pullback?
I don't know where Gold is going next,but its very overbought, and has completed an extended wave 5...now reaching 579 after starting from a bottom at 271 in 2001... the Fibonacci retrace zone is down around the 440 area,if we would get a pullback now, its overripe for one at this point. as 2006 moves into the summer season what will it do ? They say "sell in May and go away" If I was trading gold here,I would be selling some,and looking for the pullback to rebuy it closer to 440 area.
Here's the next chart portion for spot gold in 2006.
Stay tuned....more to come in this examination of spot gold, the big picture.
f&%#ck...,I just accidently deleted
30 minutes of work down the drain,have to start over)
Ok, we are entering 2006,and I expect a pullback now.... to retest the shoulder zone around 450-420-400 area. I don't expect much more rally for this cycle. There are some higher targets around 565-570 area,but price could continue down in a larger pullback just as easily from here as 2006 begins.
The housing bubble was peaking in 2006 and the stock market was sailing along without a care in the world. The media was spinning the fake recovery while analysts knew it was a rigged game and there isn't any real recovery. (much like the same thing happening still, 10 years later in 2016)
Here's the first 3 months of the spot gold chart as 2006 gets going at a wave 5 completion zone. could it go a little higher ,or continue a pullback?
I don't know where Gold is going next,but its very overbought, and has completed an extended wave 5...now reaching 579 after starting from a bottom at 271 in 2001... the Fibonacci retrace zone is down around the 440 area,if we would get a pullback now, its overripe for one at this point. as 2006 moves into the summer season what will it do ? They say "sell in May and go away" If I was trading gold here,I would be selling some,and looking for the pullback to rebuy it closer to 440 area.
Here's the next chart portion for spot gold in 2006.
Stay tuned....more to come in this examination of spot gold, the big picture.
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