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Charts from the Lunatic Fringe.

Goldhedge

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This has been a bout of textbook TA price action, it is spooky and has me nervous.
So you're saying TA is actually working like it's supposed to??

Maybe the PTB are allowing it to blow off some steam to keep it from going KaPloooie! ??
 

Strawboss

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Gold is gonna need a breather sooner or later...

A nice weeklong sideways jaunt would be perfect....although a hit and run off of Louky's 1305 wouldnt be so bad either...
 

Zed

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So you're saying TA is actually working like it's supposed to??
Kinda acting more like the 'normal' instruments I chart... meh... conspiracy theory, me, never!

Gold Hourly...

We had a breakout, ran into resistance as expected and now we are testing the breakout level for support. All classically normal TA stuff. If we hold these levels the trend should resume. Now it is a matter of waiting out the clock, burning off the overbought condition and seeing how brave the short side is feeling.

AU-1H-20190606-1.png
 

Zed

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My ASX gold tribe are flat today, ever so slightly green. Suggestive of timid buying yet no real panic selling. A bit of gap covering has happened after the froth of the last few days... to be expected.
 

Zed

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This potential bust will destroy market faith for a long time to come. Boomers have no ability to recover and the millennials are broke and risk-averse. With luck it will be me and the pros left, the pros behave so much more rationally and more so if resources are limited! It should make my life easier...
 

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Zed

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My ASX gold tribe are flat today, ever so slightly green. Suggestive of timid buying yet no real panic selling. A bit of gap covering has happened after the froth of the last few days... to be expected.
Buying is ticking up... ~+1.3% now, 2 hours to trade.
 

Zed

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P&F... 1% Box, 3 Box Reversal, Weekly Data aka the long view. The important levels are quite apparent!

chart.png
 

Zed

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Buying is ticking up... ~+1.3% now, 2 hours to trade.
+1.8% EOD. A mildly positive outlook down here.
 

Zed

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Note the currently low enthusiasm levels around here... skepticism a hallmark of a genuine move higher. Wall of worry and all that.

Not saying it is the be all but it is a check on the pro side of the balance sheet.
 

louky

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Note the currently low enthusiasm levels around here... skepticism a hallmark of a genuine move higher. Wall of worry and all that.

Not saying it is the be all but it is a check on the pro side of the balance sheet.
1359 bottom of the box becomming support, all that matters for mars targets
 
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louky

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If it bounces here, gop of the box 1296 (historical), then watch 1305 pivot after that for higher targets. 1359 bottom of the upper box after that.

Chart visual with a tail in previously posted D leg now
1305, pivot to upper box. bottom of upper box 1359 is hardest of all to hold. once it's support, people's 1400 target becomes a possibility
1359, bottom of the box. Been saying it for years and just now happens to be the extension of this move that's surprising everyone, posted from 1269 bottom. Gotta love it, NCN
 

louky

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Moon box

1359
1368
1377
1386
1395

Put it in the memory banks.

Already checked off tops at 1359 (two years) and 1368 most recently. Therefore, now current possible targets are between 1377-86. I noticed that's what started showing up on bloggers and chartist sites. NCN.
 

louky

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well don't forget he was calling for a massive break of 2016 highs in march and april, "this is the message the market is telling us". Clearly that was never going to happen as I told here time after time when 1359 failed to gain support. Easy call.

Quote from this guy in April 11th video, "this is a foregone conclusion, maket telling us 2016 highs are going t break". Haha, nope. In fact the market was telling us TWO years ago, it was going to fail to break 2016 highs in April 2018. See louky two year old musing, see GG charts. ;)







posted puking camel since Feb top, and had april noted as major top two years in advance




same day he made the video april 11, i had comment, which in the context was saying april would be spot for a top (not breakout)


I'm not knocking the guys analysis, it's very possible. My point is at a bottom (just like his failed breakout call), he's going to be a lagging indicator when it does turn/make a final bottom (just like he was in Dec 2015). ie, he won't get bullish again until it breaks many levels of resistance on the way up. Same as he failed to see the simple, straight forward call that's been posted here for years based off nothing but price action at a number, 1359, in April. Even though technically I called april 2018 top 2 years ago, posted in this thread live, so I guess it was based off more than just the magic number.

Haven't watched the guy's videos lately, but what did i say at exact july/august bottom? he was calling for massive breakdown and i said he won't get bullish until many levels broken onthe way up. "He'll be a lagging indicator". Now he's got big green arrows to 1500 or whatever. This after $200 move up that was expected since years ago into may 2019, all while he called for that massive bowl breakdown the whole time

Screenshot_20190606-072204_YouTube.jpg


As far as his bigger theory of breakout, then a massive dump. that's actually interesting to me because after august 2020ish, i had similar thoughts. Just always assumed it would be way up higher before then.
 
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louky

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So to recap the guys last year or so. He called for guaranteed, done deal breakout at april 2018 exact top, within days. Then warned about massive bowl breakdown for months from exact summer 2018 low. that's $200 both ways against you on a guarantee, done deal breakout call and a very, very, very strong, almost obsessive, warning with video after video, month after month about a massive bowl breakdown. At least he learned his lesson on the guarentees, it seems.
 
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louky

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Really interested to see what happens next week. Recall, everyone one the planet was bullish for breakout in April. example, we had igoldadvisor calling "forgone conclusion 2016 breakout", but i stuck with top call down to the wire. They didn't print the final reversal candle until last day of april and it ended up being a major top just like i said (and musing showed since 2 years ago).
The next week, around aug 9th it reversed, +200 from bottom pretty much. igoldadvisor got it wrong again, badly.
 

Goldhedge

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Goldhedge

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Delinquent Auto loans vs unemployment who'da thought there was a correlation...?
 

Zed

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Gold Hourly...

Another classic pattern is emerging but isn't complete. This pennant is confirmed with an upside break. If that were to happen a classic + the pole length projection has this move tackling the $1400 level.

https://www.investopedia.com/terms/p/pennant.asp

All this "normally bullish" price action has me well and truly SPOOKED! LOL :don't know:

AU-1H-20190607-1.png
 
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I'm sure it'
Gold Hourly...

Another classic pattern is emerging but isn't complete. This pennant is confirmed with an upside break. If that were to happen a classic + the pole length projection has this move tackling the $1400 level.

https://www.investopedia.com/terms/p/pennant.asp

All this "normally bullish" price action has me well and truly SPOOKED! LOL :don't know:

View attachment 133174
I'm starting to have second thoughts on this chart. These cars vehicles last much longer than the ones made before year 2000. I don't think that as many people are buying vehicles like they used to in the past. I don't know if this is a helpful indicator to draw comparison with unemployment rates like in the past.
where did you get this chart? Thats amazing that someone could actually compile a chart like that. Is that per week? I'll be dead by then.
 

Zed

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I'm sure it's gonna be different this time
Once upon a time a cut said, more juice buy stocks! Now it says more like "we're fucked". I'm hearing buy the cut talk but I'm thinking that it can't last. :don't know:
 
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Zed

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Zed

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Gold Hourly...

Another classic pattern is emerging but isn't complete. This pennant is confirmed with an upside break. If that were to happen a classic + the pole length projection has this move tackling the $1400 level.

https://www.investopedia.com/terms/p/pennant.asp

All this "normally bullish" price action has me well and truly SPOOKED! LOL :don't know:

View attachment 133174
Working off the bottom of the pennant now. RSI sub @ 47, typically it tends to oscillate in the top half on a good bull run.
 

Zed

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Friday nerves in play this AM on the ASX Goldie scene. -0.75%
 

Zed

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Been burned so many times I'm getting shy of the market....
I hear you!

That is what happens, wear you out and scare you out... then it goes. Classic bull market building, when every last weak hand has gone the price will move substantially.