Wednesday, 4 April 2012

Gold...touchdown! ( + potential triple tops in the big Dow?)

OK. We have arrived at the objective but my question is where do we go from here? I will post my views and charts within hours.
Plus...what do you make of this pattern?

Here below is the reason why...the culprit is a downsloping upper MLP form the dominant fork in recent Dow history

And here's the fork in all it's glory in a simplified chart with only a few forks and RL's left (for clarity)

You could trade this pattern on a long term short position if this triple top formation breaks its base/shoulder line- or perhaps a break above as a continuation. A daily close below 13050 or there abouts would be below the lowest vally floor and have taken out the RL that has carried us higher...see below. A failed TT pattern rules are here LINK

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