That might well be part of what's going on. This rally has
certainly not been impulsive -- it's been kind of a lazy, float-up
rally. If we do form the inverse H&S that I've drawn, then the
pattern measures up to around 104, which would be a clean breakout
above the old high around 100. Maybe we would then come back for a
re-test of that breakout before going higher. I'm just spinning out
a possible scenario, but the chart I put up certainly has the
potential to evolve into a nice inverse H&S.
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That might well be part
A THOUGHT ON GOLD
Posted by puma on 22nd of May 2009 at 04:48 pm
That might well be part of what's going on. This rally has certainly not been impulsive -- it's been kind of a lazy, float-up rally. If we do form the inverse H&S that I've drawn, then the pattern measures up to around 104, which would be a clean breakout above the old high around 100. Maybe we would then come back for a re-test of that breakout before going higher. I'm just spinning out a possible scenario, but the chart I put up certainly has the potential to evolve into a nice inverse H&S.