Still waiting. It's hard to say what will happen. I have heard alot of predictions for downside move out of this pattern. Just the fact I am hearing so mauch about it is not good. The pattern may just bump along, or we may move higher. We have many resistance levels waiting.
Maybe, month end is in favor of the bulls. Index Futures contracts will be rolling over in several weeks.
>Aaron Copland Regarding the triangle pattern you posted, it looks as though you have used the bottom of the reaction at 1410 as the starting point of the pattern. I think you might find that a triangle pattern (symmetrical, ascending,descending) starts at the end of a move, which establishes its first reversal point. Please take a look at a daily bar chart for Gold for the last 5 months. You can see two triangles there. Also, you might find that bar charts better define chart patterns. Please don't misunderstand that I am criticizing your analysis. Just offering my opinion.
Technically this is still a downtrend. I definitelly see much greater downside potential . You can use a strangle to capture both directions .