Thursday, 18 July 2013

Long Palladium Short Gold trade....... Are we nearly at our objective?

I published this chart  exactly as is below and a trade suggestion at Christmas 2012 and the reaction lines are not completed past april/may 2013. There are three different sets relating to 3 different non andrews PF's off different impulse waves plus one classic Andrews PF.
My then views on Gold were well known and during my Linkedin discussion I was a lone wolf crying in the wilderness:

I expect this spread differential  to go to or narrow to - 400 gold under palladium which would tie in nicely with about 1000 bucks an oz gold.My objective price comes from a PF CL not seen above.   I was of the opinion that gold would/will retrace to 900 to 1000 bucks where i think spec demand would help support price and perhaps form a series of low pivots during a period of consolidation. Todays utter and brutal rejection of 1300 is almost the exact same price behaviour we saw at the 1500 & 1400$ level.
This is a controlling swing PF
 Detail shows horzontal RL's drawn off a RL matrix fork : P0 8 Mch 93, P1 2nd aug 93, P2 23 aug 1999

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