StreetTracks Gold ETF (GLD) shows price has made two runs at the 1×1 Gann angle. The first try did break through but price quickly lost momentum. The second try also failed with last week showing a large outside range bar to the downside.
The short term GLD chart shows price moving to the 50/50 point using the 2007-2008 range.
The actual price of Gold shows price working off the strongly bullish move. The 1:2 Gann angle is between 650-700 which should serve as strong support for a while.
Chart courtesy of Stockcharts.com
Tags: Gann Angle Fan · Gold12 Comments
12 responses so far ↓
andy, s&p next stop??? 920-950 ish? wave 3 of 3 has hit, just need to figure where the slow down comes. I think your date is looking good, wave 4 of 3 is probably tomorrow(late into wed) final 5th would equal to wave 1 of three, wow….I need to figure that one…later.
oh I forgot if this is the Grand Supercycle turn, We are in serious trouble, then triple this move today for the next three days
Well, I am sorry, check out the $vix We just hit the 423% fib retrace, I think we are about to have the 4th wave or we just spiked thru, this is awsome trading…later
Libby
would you care to elaborate? wave 3 of 3, going down? supercycle turn? does it turn down (well, we are going down, so a turn would have ot be up, right?)….
Kurt , this could be a bear rally about to happen, but the supports where hit on the $VIX on my charts. There is a great possiblilty that we just had a bad heard mentallity today and had a small mini crash, or spike to end the 3rd wave, so we will begin wave 4, we would go into a triangle or flat, but the dow did not end the day above 10 thous. we really have two scenarios, and I am sure you can guess what they are, we go up for wave 4 or we go down to continue wave 3, and if this is the case, tomorrow could be over 800 pts.
ok, thanks, so: wave 3 of 3, being this the last drop of an ABC correction?
would the 4th wave then correspond to what Andy thought would be an upmarket?
Kurt, trading today was really low volume, at the end of the day, we should have been down 1000 plus points, and would have been if some one had not spread the rumor that the fed was going to discount again, Kurt what is to discount??? We are broke, whats two points? I know its psychological to most traders, look around you, people are beginning to get worried about their $, soon they will run the banks, some have already, We are coming up to Andy’s turn date, the 11th. plus or minus, We should begin to have a bounce up:) that will make alot of people happy, maybe even you, this is the move that will sucker billions of dollars out of millions of people. Yeh we might go up, but we are going to fall even harder once everyone runs out of $ again, there is NO $, LIQIUD! what you have in your pocket maybe all you have after this move is over. So its the last Kahuna chance that most people will have to dive out and stay out, check out the Volatility Index , now, and in 1987, there is lots of room left for this move down, we have only begun, well I have to go to work, I hope I answered a small amount of your question, All I can say is this is dangerous times we live in, but if you feel your stomach tighten up, get the H–L out. and stay out, Sorry to take up most of your space Andy, once again Thanks for the great charts.
No, Kurt, this is only wave 1 of wave C of wave 4 of the grand supercycle, and in wave 1 we are in wave 3 and in 3 we are in wave 3 about to do a wave 2 to start wave 3 of 3 of 3 of wave 1.I hope you understood that, read it out loooud, it helps. later
thanks Libby…
scary times indeed…. scary times…
i’d love to hear more about those super cycles… do you have a webpage i could follow that?
Kurt, No web page, I don’t have time, I depend on Andy for all of that tech stuff, He has wonderful charts Kurt, Pay close attention to His dates and times, there is just one thing you need to remember this is a BEAR MARKET! Not a Bull market! we go down just the oposite of a bull market, that is the key to looking at your charts, Mirror imaging, it helps with support lines, and fib retracements, stair steps up and stair steps down, very important to remember,.
Libby - Thanks for the great stuff. Feel free to post all you want any time. Sounds like you are having fun. I spent the day writing test procedures and repricing a bid proposal so I didn’t get caught up in the action. We called the finance guys at the end of the day with a question and could not get them. We were wondering if they jumped out of a window due to the market. They work on the first floor so it would only be symbolic…
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Personally, I will use any bounce to get out of my small set of longs. We could go up a lot but I am out at the top. Even if that turns out to be wave 1 of a new bull market (which I doubt) I will wait for the test to get back into equities with everything.