The Gold ETF (GLD) hit the 150 calendar day cycle yesterday and may be ready for a bounce. A 50% retrace would go back to 88 or 880 on real gold. The retest of the high hit exactly on the 120 cycle.
Crude could move back to the 50% retrace of the range of the move starting in 1999. It looks to me like oil will come back to the $105-85 level eventually. The long term chart shows the 1:2 angle (half the slope) of the 1999-2008 move as the true slope of the move. The blowoff phase moved up to two times the actual slope. The mid-point of the range is near $80ish. Note the 1:2 angle is twice the long term declining slope from 1990-1999.
The shorter term chart from 2007-2008 shows a mid-point near $100. Price could bounce from here but a higher percentage trade would appear if price hit the 1:2 ascending Gann angle.
Charts courtesy of Stockcharts.com
Post Modified: September 18th, 2008 at 11:19 pm
Tags: Energy · Gold · Slope · Square of RangeNo Comments
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