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TFC Commodity Trading Forum

Re: gold daily /Ronbo
In Response To: Re: gold daily *PIC* ()

These Symmetrical Triangular patterns with weaker rallies showing a loss of bullishness by the bulls being overwhelmed by the bears at lower prices but yet rising lows which show buyers overwhelming sellers at higher low points support levels ultimately must come to an end at some point. They tend to be explosive when reaching a conclusion on one direction or the other. No one invented these patterns as most technical book authors recognized what "typically" occurs when this and other patterns form. And "typically" there is fireworks once a decision on direction is decided upon. Shouldn't have to wait long for the fireworks at this price point. I prefer to see proof of the pudding in cases like this. The break could go either way and all things considered the odds favor the upside,not that it matters to me at this point. Either way works for me.