I am not joking here, irrevant is as irreverant does, however, the "Egg bounce" is indeed now a pattern. Others have used ellipses, but I have documented so many Egg bounces, I trade them now.
If gold rallies, mostly likely, very likely means dollar falls. Could mean that equities make their run up too, unless the gold rally is a substantial flight for fear, and then maybe most asset classes get sold. But honestly, even with all the black swans, the chances of that happening are maybe 20%.
Short Euro....still, after taking a beating last night. Now nicely green, did get stopped on some of my posistion, 40% of 500k to be exact, but there is still a boatload of air beneath that chart structure.
Gold Egg Bounce. Note the "Embryo Poke" seems very common as the start of the bounce.
Gold is pretty stable priced in the only other currency that matters... Oil. Check it out.
ReplyDeleteAnother freekin ratio chart.....no problem coming right up as a new post! great idea methinks
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