Charmin Posted December 17, 2004 Author Report Share Posted December 17, 2004 How can we have an ABC down when we haven't broken the B point? Link to comment Share on other sites More sharing options...
Charmin Posted December 17, 2004 Author Report Share Posted December 17, 2004 I think we're at confluence support right here and building the handle on the daily - that puts us in the trading range for the XAU at 95.93 to 111 where do we buy - a retest or spring of support but I must admit on the weekly chart it could look bearish if we don't turn up from those lows. The monthly chart certainly looks sucky for December and 90 area is on the monthly trendline. Link to comment Share on other sites More sharing options...
Guest Posted December 17, 2004 Report Share Posted December 17, 2004 How can we have an ABC down when we haven't broken the B point? <{POST_SNAPBACK}> The setup is there for an ABC down but if you're long you'll be lucky to see a low volume retest of the 12/08/04 high volume low. TFH, 85 sounds about right. Let's see how high the USD can get. I won't risk getting in the gold market again until we see a real washout. Dollar looks like it might short squeeze into the New Year. If you follow Bob Carver you'd have nightmares being long the commodities now. Link to comment Share on other sites More sharing options...
Guest Posted December 17, 2004 Report Share Posted December 17, 2004 If you look at the XAU volume you'll see that down volume is heavy and up volume light. This has all the characteristics of an ABC down. 01/12/2004 19.69 02/12/2004 29.87 03/12/2004 24.54 06/12/2004 22.19 07/12/2004 23.85 08/12/2004 33.45 09/12/2004 20.18 10/12/2004 14.72 13/12/2004 13.87 14/12/2004 15.63 15/12/2004 15.4 16/12/2004 23.67 Link to comment Share on other sites More sharing options...
Charmin Posted December 17, 2004 Author Report Share Posted December 17, 2004 If GLG doesn't take out the low of 17.30 or springs it higher - that to me would be a spot to look to buy. On a weekly chart 4 prior upthrusts failed in this area and if you draw a horizontal line there I think its an important area. Hey, I've been wrong about a zillion times before.... Link to comment Share on other sites More sharing options...
bearvest Posted December 17, 2004 Report Share Posted December 17, 2004 CDE I'm short this stock. Where 5 =1 the target is 3.36. The H&S projection is 3.37. Link to comment Share on other sites More sharing options...
Captain's Log Posted December 18, 2004 Report Share Posted December 18, 2004 Maybe the SA miners run after this correction? I hope so. They have gone countertrend to the rise in gold prices for so long. I confess I have fallen victim to 'boiling frog' syndrom on DROOY. I should have got out a while ago. Reached it 52 week low the other day. Link to comment Share on other sites More sharing options...
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