Tuesday, 8 May 2012

Gold in free-fall... & The CAC40 ( Reverse Fork on Gap)

As the EZ comes apart at the seams (with Greek comments) today gold is making its way to re-test 1600$ and then to support at 1580$

 Below in this final chart i have arrowed two objectives , firstly 1576-80 $ at the black upsloping line & the final one being the pink & blue lines in the bottom RH corner(arrowed) at 1470$

Update: I thought i would show this set of charts of the June 12 Cac40. I have already posted about this daily chart before here.Here is the current situation...the reaction lines shown here are only form these two forks.

Here is a lower TF view showing the failed fork arrowed and the second retest on the RL area today
 Lower TF

Lastly the 60 min chart shows a reverse fork of pivots 1-2-3. The choice of pivot # 3 is simply due to the 'fit' of the reaction lines which describe price perfectly going back several weeks. If i was only working with ML's then i would choose the highest high.This pivot anomaly is something i have seen and worked on for several years and has led to several important developments that are available to view on my professional website.
More importantly in this instance it gives me a chance to extend the top UMLP forward into the present and future path of price seen arrowed below... should price reach.

No comments:

Post a Comment