Saturday, August 19, 2017 8:29:01 PM
2011 chart
The thing that I keep staring at is the fact that there isn't any real structure to the bottom to call it an ascending triangle or something. At best it could be close to a channel, but that is still vague for the top to be so perfectly sold at that trend line.
This is what I have read regarding the triple top. The first thing is that is can't really be called a triple top reversal until it starts to break some type of support. But they say that it should be developed over a 3-6 month period, which it has been 4 months. Comparing it to the chart in 2011, that was about 2 months and could be close to an ascending triangle. Again, this one just really doesn't have any structure to the bottom to label it much else. If this does end up being a triple top reversal, if played out to the target would basically set up a big double bottom pattern when all said and done.
And let's not forget the old Gartley possibility, this would be a bullish pattern in that it normally bounces up after D to the fib .38 or .618 or higher.
Even if this is just a channel pattern, I would think that a third test of the bottom channel would be expected.
OK just realized one more thing that Qone0 mentioned about the late fall slump. Notice when gold bounced the last 2 years, December 15 almost to the exact date, and that would also be really close to the bottom of the gartley pattern date as well. Should be interesting to see. Also seems that october was really a sell off time as well, if not a little before.
Great to hear from you again Qone0, are you coming into your slow season after labor day?
My wife and daughter went shopping, had some free time to post some charts LOL
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