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Created on: 12/20/2012 9:25:47 PM   Last Update: 12/20/2012 10:37:47 PM Posted by: RTT
WARNING: This entry is 1147 days old. It may contain broken links, out-dated or misleading content. Please read on with caution.

1 POST Gold re accumulation is healthy (212)


gold-re-accumulation-is-healthyGold is under going a complex A-B-C correction. So far is very healthy.

The benefit of the doubt is that the current gold (GLD) pattern is one of re Accumulation. Why? Because we have not seen a traditional distribution pattern (double top, head and shoulders, triple top, rounding top). Plus the ECB, BOJ, FED, BOE are still expanding their balance sheets.

The recent rally is an easy spot for a Wyckoff Sign of Strength (SOS), sharp move up with good volume support. The problem for the whales in the market is that every one can see it. The current sell off (ie C wave) should be enough to trick, frustrate and scare the weak hands out of the gold float to the strong hands and only then will a substantial rally occur. The more tame and shallow the C wave is the more bullish the pattern is. Please note that Gold can still fall to 120 or 130 and still be very be bullish, as the ‘C’ wave is frustrating wave at the very least.

The recent sell off during the last full week before Christmas holidays is in sync with USDJPY rally and Apple Inc sell down which means some folks have to sell something profitable to balance their trading book before year end.

The ‘C’ wave becomes very nasty if volume explodes and price accelerates to the downside. So far easy sailing.

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GLD







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Investing Quote...

..."Vibration is fundamental; nothing is exempt from this law; it is universal, therefore applicable to every class of phenomena on the globe."...

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.."The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market."..

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.."Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs"..

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.."Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it"..

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