IF there are any related patterns that could repeat their algorithms, this one looks pretty interesting. How the bottom formed to end the year and start the 2016 rally...and now there are several near identical candles in the pattern,the similar shape, and the giant red candle down,we got last year that took one more drop down over 4 and 6 weeks to set the bottom. IF we got that same pattern now, and we're looking at the next 4-6 weeks. There are Fibonacci targets down there.and perfect parallel channel lines to the targets. It all looks pretty algorithmic to me,and the big picture would be looking like the 2016 rally as "wave 1" , the current pullback to the Fib targets as "wave 2",and then some time in 2017 we might get the giant rally "wave 3" for gold, does that suggest the market might crash in order for gold to finally become the safe haven its supposed to be? who knows. But I did find this chart picture interesting as it took shape and shows a definite pattern to these candles. a small wave 4 bounce followed by the wave 5 drop to the "pivot bottom" .Does 1212 sound like a target point? In the spring I was expecting the target at 1178. More algorithmic math places the Fib target at 1177 while the top peak was at 1377.
fun with numbers huh.
Anyway, heres the chart and I'm not buying too much gold here yet, I sense the bullish momentum has vanished this week, thats what a good slam down can do .
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