• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

AXSTONE'S FINAL WAVE (5)

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
No feckin beach balls... OK?
 

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
I have been around longer than that. :biggrin:
 

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
What is that?

Pre and post Viagra?
 

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
Pull up an AUD Gold chart and see what you think, it often leads USD Gold.
 

savvydon

Gold Member
Gold Chaser
Joined
Dec 14, 2010
Messages
2,805
Likes
2,331
I'm going to take a wild guess here and say that the author has drawn two trend lines that attempt to describe the behavior of the price of gold since the recent November low. This past Friday's action broke above that upper trend line to give an early indication that perhaps gold is ready to break out of this current bottoming process. Many more hurdles left to go. I'm sure.

Whoops! the author beat me to the punch!
 

axstone

Silver Member
Silver Miner
Joined
Apr 2, 2010
Messages
400
Likes
398
Falling Wedge
The falling wedge is a bullish pattern that begins wide at the top and contracts as the price moves lower and the trading range narrows. The falling wedge can be classified as a continuation pattern or a reversal pattern. For a continuation pattern, the falling wedge will slope down, but the slope will go against the current up-trend. On the other hand, a falling wedge reversal pattern will slope down and trade with the prevailing down-trend. But regardless of either type, the pattern is considered to be bullish for the security in question.

The falling wedge pattern usually spans 3 to 6 months and can provide traders with a signal that the current trend is about to reverse. For the falling wedge to form, it takes at least two reaction highs, with each high being lower than the previous one to form the upper resistance line. Also, at least two reaction lows should be in place, with each low being lower than the previous one to form the lower support line. The upper resistance line should then converge with the lower support line, signalling that there is not enough sellers at the lower prices to keep pace with the slope of the upper resistance line. This loss of selling momentum on each successive low thus gives the falling wedge pattern its bullish bias. As always, the pattern is not confirmed until a resistance level is broken, which, in this case, is the down-sloping upper resistance line.
falling wedge

falling_wedge.gif

source : http://forextv.com/falling-wedge/
 

Strawboss

America...Love it...or GTFO
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
4,484
Likes
7,380
Location
Metro Detroit area
Ax - I feel you my brother...
So sure...and yet so helpless to get others to see the obvious truth...

Big sigh....
 

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
Holding the month over 1578 Loonies would be good! Very positive looking chart but a little HOT. It would be good to see a high level consolidation @ least over 1550. Either way it looks like a completed bottom.

 

Zed

Size doesn't count!
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
12,848
Likes
10,601
Location
Springfield
That is a bull flag Ax.... when it breaks upward that is! Like the confidence? --> WHEN?! Oh crap... better run, LOL.