Sunday, April 14, 2013 8:24:20 PM
GCM13 June gold
This is what Rick said on the 5th April
What we can know — in this case, with about 90% confidence — is that the June Comex contract will soon be banging on the 1485.60 target we’ve been drum-rolling here for a while. We should also allow for a possible counterthrust from 1495.80. This number is not a margin-of-error alternative, just a lesser ‘Hidden Pivot’ where bulls could conceivably dig in their heels.
The coordinates yielding the higher target are shown in the accompanying chart, along with a corresponding ‘midpoint support’ where price action thus far has more or less corroborated the accuracy of the lower number. Will 1485.60 be as bad as it gets? Although we can make no guarantees, it looks like a compelling spot for buyers to arrest a bear cycle that has been savaging long-term investors since early October. Another possibility is that the target, a Hidden Pivot support, will get steam-rollered by the decline. This would imply, not that the pivot didn’t ‘work,’ but that the selling was strong enough to overcome it. Our new target in that case would be 1414.50, and because it is the terminus of a bearish pattern even bigger than the one that yielded 1485.60, we would be even more aggressive about buying there. Tight stops are routine for us when we do these trades, since even a relatively modest breach of a Hidden Pivot target — here, by $2 to $3 — would be warning that the selling onslaught is not yet over.
i have no axe to grind here as subscribe to no one - but good analysis all the same. I see from his latest free issue that he has gone with the lower pivot, consistent thinking
Have to notice we are trading around 1490 at present, so was it a nowwhat poke through? due to the circumstances outline earlier - Over to the Morgue when London opens for the first fix
This is what Rick said on the 5th April
What we can know — in this case, with about 90% confidence — is that the June Comex contract will soon be banging on the 1485.60 target we’ve been drum-rolling here for a while. We should also allow for a possible counterthrust from 1495.80. This number is not a margin-of-error alternative, just a lesser ‘Hidden Pivot’ where bulls could conceivably dig in their heels.
The coordinates yielding the higher target are shown in the accompanying chart, along with a corresponding ‘midpoint support’ where price action thus far has more or less corroborated the accuracy of the lower number. Will 1485.60 be as bad as it gets? Although we can make no guarantees, it looks like a compelling spot for buyers to arrest a bear cycle that has been savaging long-term investors since early October. Another possibility is that the target, a Hidden Pivot support, will get steam-rollered by the decline. This would imply, not that the pivot didn’t ‘work,’ but that the selling was strong enough to overcome it. Our new target in that case would be 1414.50, and because it is the terminus of a bearish pattern even bigger than the one that yielded 1485.60, we would be even more aggressive about buying there. Tight stops are routine for us when we do these trades, since even a relatively modest breach of a Hidden Pivot target — here, by $2 to $3 — would be warning that the selling onslaught is not yet over.
i have no axe to grind here as subscribe to no one - but good analysis all the same. I see from his latest free issue that he has gone with the lower pivot, consistent thinking
Have to notice we are trading around 1490 at present, so was it a nowwhat poke through? due to the circumstances outline earlier - Over to the Morgue when London opens for the first fix
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