Gold to $1597

Discussion in 'Metal Futures' started by Wallace, Oct 17, 2010.

  1. since gold hit my previous thread target of $1300 , it's time for a new target

    my idea about gold and crude oil prices is that they travel to significant fibonacci
    numbers, crude did that on the way up to $144 , down to $34 then up again but
    not quite hitting $89

    with gold I thought of 3 - $300 , 5 - $500 , 8 - $800 and 13 - $1300 which in terms of
    round numbers has worked
    but it was 'nazzdack' who pointed out with his post in the previous thread:
    "I was actually expecting you to say ~ $1597, because that is a fibonacci number
    from the "sequence", i.e. (0,1,1,2,3...610,987,1597)."

    so while my next number is 21 - $2100 , I'll use nazzdack's observation as the next
    target of $1597 , but, as a possible W 3 , and 2100 as a possible W 5 , or would it
    only be W 3 , with W 5 topping around 2584 ?
     
  2. you lost it when you started to babble about Elliott Waves.
     
  3. 1) I knew it was "you" before clicking on the thread.
    2) ?.......November 10th from last year. :cool:
     
  4. Joe, this time can be "different". The market may precisely "conform" to the Wave Forecast. :D
     
  5. Wallet

    Wallet

    Think in terms of natural squares:

    784, 841, 900, 961, 1024, 1089, 1156, 1225, 1296, 1369, 1444, 1521, 1600


    Silver just missed by a few cents $25

    On silver you can shift the decimal left one notch so that the natural squares 100,121,144,169,225,256 become 10.00, 12.10, 14.40, 16.90, 22.50, 25.60.

    Half and quarter measures between these work great as intraday targets

    fwiw.........
     
  6. Do you think the markets check with various ratios, squares, wave and other behavior before deciding what to do?

    OR is it a huge number of people, organizations and algorithms trading a huge number of strategies across a huge number of time scales in a huge number of countries for a huge number of reasons?

    The problem with EW, Fib and other stuff is, there is little proof and little compelling reason to expect mentally simple strategies to have any bearing on the real world.
     
  7. hey nazzdack, thought you'd like the post
     
  8. Wallet

    Wallet

    No, I believe that natural patterns and price relationships exhibit themselves, specially in conjunction with herd mentality.

    I learned along time there's many ways to skin the proverbial cat, if it works for you, use it. If not, throw it away. I know several traders making it using what I'd call non-conventional methods, if it works for them, who am I to question........

    All I see is price playing between the lines..............
     
  9. Wallet

    Wallet

    Gold 240min