If Gold does top here it would be perfect - we have a nice topping pattern = double-top. To fire, the neckline @ $1156 must break.
I suppose it would be... but I don't expect a deflationary environment. If the CPI was somehow able to keep rising over the past two years despite the housing price crash and mass unemployment shock, the CPI will certainly keep rising steadily over the next two years and beyond.
Deadbroke, where would you cover your trade if you are wrong? Do you have a stop, or some kind of market behaviour that would make you get out? What would it take for you to reverse direction and get long?
You're expecting hyperinflation, then? That's a valid position and many leading pros are leaning that way too. Will check it again but CPI and PPI ROC (rate of change) were near zero or lower ????
You're confusing me with the rest of your ET oldtimers and brethren - if I did have a trade in gold you'd see a specific entry, stop or no stop and exit strategy posted in advance right here. what I have is far worse than a trade - if I am wrong about gold. I am entirely in dollars and yen and thai Baht - i.e. paper money. these are the 3 leading currencies in the world but if Gold is the the lead horse, I've not only missed the boat, rather my other calls will also be wrong - because Gold expands in an expanding economy. What I am calling for is a contracting economy and Deflation. Everything has been laid out nicely in my threads - the theme is quite clear. My life is on the line, not some trading position.
Watching for a break below the 4H trendline shown @ $1,242 The wavecount shown suggests that I've figured out the wave that I called earlier, "the terminal wave" Yes, I have figured it out! Hide and watch! Easy to get fooled by wave 4 ending where it did. Uploaded with ImageShack.us
Just a reminder that this 4H chart shows Gold's final rise in the terminal wave I spoke of. When the trendline breaks, the top is IN. Next post gives the larger perspective.
I finally got Goldie's number. As stated earlier, she is in a terminal wave but the clearcut Ending Diagonal Triangle dovetailing nicely with the wavecount prior to it has now cleared things up nicely for me - only for me I imagine as I don't see anybody agreeing. See daily chart below, but on weekly (not shown) the pattern looks truly stunning. Now hear this .... note that Goldie has been in a bullrun since 1999 - so bullishness is very high so we MIGHT get a massive B L O W O F F .... at the upper trendline @ $1,285 This Blowoff will manifest as an overshoot of the upper trendline -In other words, the upper trendline will be broken out of, fooling many into going ultra-LONG (being already Long) - but then prices will quickly reverse and kill 'em all. The plunge thereafter will be of the order of magnitude $50-90 in the first drop in a single day or a combo 2 days. This then is the scenario for GOLD's final top. It won't be outdone any time soon, defo not before 2020-2030 Be prepared. Uploaded with ImageShack.us