Monday, 7 May 2012

Gold......& Europe

 Recent Gold activity shown today. This is what i call a 'dead fork' as the mauve lower median line parallel ( arrowed) has so far not had a centre line touch but is stopped by the black lower median line. Once can never be certain you will not get one after an initial fail and recent S&P charts show a series of bounces/failures off the LMLP before and eventual CL touch. 
 ( seen in the link at the very bottom of the post)...however the odds are against it and i would be interested to know what percentage of major forks which fail once or more and then bounce once or more off the LMLP and then go on to touch the CL.. I suspect less than 10%. I do not expect much today but will wait for this wave to develop and see if there is a pattern once it is 'ripe'. Obviously if we make a HH or CL touch before then this also may present a short entry depending on the behaviour both at the CL and on the way up.

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