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The Torch wrote:
>
> RT's Gold is interesting...I did some analysis on it and came up with
> a possible buy scenario based on Boucher's Runaway Criteria and Fib
> Retracements. Check out the attached chart. Any comments? JS.
>
> ----------------------------------------------------------------------
> Torch,et al
A few golden thoughts:
1-If memory serves, descending right angle triangles tend to
portend a continuation of a down move in a down mkt more often than a
reversal
2-Mkts that reach the apex of a triangle are more prone to false
breakouts (a.k.a. "Crazy Ivans" to use Walt Down's term - a false move
up and then a plunge down through the horizontal base line)
3-This IS a NY mkt which to some would increase the probability of
#2 happening
4-However, in the bullish camp, I did note bullish price/osc
divergence and a slight bullish diverg in OBV, low CO numbers and the
activity in gold stks mentioned on RT which can precede an up move in
futures
a- of course, everyone and all their relatives will have a stop
in @287.9 or so
Gold is presenting a reasonably typical trading situation with pros and
cons for either posture - thats where the intuitive edge of the trader
more seasoned than yours truly proves telling. Ken
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