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Gold: Inverse Head & Shoulders
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Thanks for your comments. Just to 'see ' that we are looking at the same neckline for Inverted HS, is a break of 1139 spot gold be a trigger for future potential uptrend ?
Regards,
Hi august,
You make a very good observation. Inverse Head & Shoulder usually happens in a downtrend, as a bottoming signal. But not necessarily always. In my humble opinion, technical analysis patterns are high probability mass psychological setups. The IHS in question, as you rightly pointed out, is during an intermediate corrective phase, in the uptrend. Although we have no volume information to confirm the breakout, the price action is definitive so far. I suggest that the psychology in the setup is similar, even if it's named differently. :)
Thanks for pointing it out, and it is refreshing to engage in a technical discussion on this forum, for once. I look forward to learning more from you.
august ( Date: 19-Mar-2010 08:36) Posted:
Hi, kindly educate.
The impression I had was inverse H/S happened in a primary downtrend. Looking at gold chart, the longterm trend is upward. If so, how does inverse H/S works ? Would it continue to move up at break of neck line ?
Thanks for your education. I am a gold bug |
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gOOd QuestiOn.
august ( Date: 19-Mar-2010 08:36) Posted:
Hi, kindly educate.
The impression I had was inverse H/S happened in a primary downtrend. Looking at gold chart, the longterm trend is upward. If so, how does inverse H/S works ? Would it continue to move up at break of neck line ?
Thanks for your education. I am a gold bug |
|
Why not $4,100.-?
trendlines ( Date: 19-Mar-2010 01:55) Posted:
| Gold: Possible target of $1400
http://trendlines618.blogspot.com/2010/03/gold-inverse-head-shoulders-target-1400.html |
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Hi, kindly educate.
The impression I had was inverse H/S happened in a primary downtrend. Looking at gold chart, the longterm trend is upward. If so, how does inverse H/S works ? Would it continue to move up at break of neck line ?
Thanks for your education. I am a gold bug
Sorry folks, made a mistake there. Target should be around $1300. My apologies
trendlines ( Date: 19-Mar-2010 01:55) Posted:
| Gold: Possible target of $1400
http://trendlines618.blogspot.com/2010/03/gold-inverse-head-shoulders-target-1400.html |
|
Gold: Possible target of $1400
http://trendlines618.blogspot.com/2010/03/gold-inverse-head-shoulders-target-1400.html
