forker
Short

GC - Gold Bugs under pressure

COMEX:GC1!   GOLD FUTURES
Here we have a clear zoom through the centerline.
As of the rules from Andrews, we can expect a pullback to it with a further continuation to the downside.

Keep in mind that the two grey lines are a potential support...I would not ignore this.

Waiting for a pullback and see what's going on.
Comment: The short was initiated at the pullback.
Here we are at the critical level of support from the prior highs.
If we manage to close below the lower horizontal support line, then I see price down at the L-MLH, around 1140 or lower.
Comment: ...and the drag continues - what a burden this must be for the long-bugs.
Comment: L-MLH is target:

snapshot
Comment: Target L-MLH reached.
Now a pullback to the upside.

snapshot
Comment: So far kind of a texbook reversal at the L-MLH...

Happy 2017!
Comment:
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Comment: Run Forest run! :)

snapshot
Awesome sauce.
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IvanLabrie PRO IvanLabrie
Gold bugs are hard to kill...
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forker PRO IvanLabrie
@IvanLabrie, hehe...

Well, even the Goldies deserve to swing up & down. But they will swing more down then up in the comming months.
+1 Reply
Looks yummi!
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forker PRO captain_smollett
@captain_smollett, yes - alltough, not want to eat the whole cake...only 1/2, up to the CL (Centerline). Otherwise too much callories :)
+2 Reply
@forker, I´ve been on a diet recently so now I want more cakes and chocolates! =))
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forker PRO captain_smollett
@captain_smollett, ohh man...no starving for you ;-) wish you all the best mate.
+1 Reply
@forker, thank you, Sir! Same to you =)
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I've been keeping an eye on this idea for a while now. Its a good look for sure and I appreciate the insight.

I linked it to my idea just so everyone know where I got mine from.

Happy 2017~!

Gold - Short and Long term picture
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TexasTower85 PRO TexasTower85
@TexasTower85, Im using Gold/USD chart and it shows it already tapped CL, just FYI

snapshot

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forker PRO TexasTower85
@TexasTower85, How nice is this! Nice job mate, TNX :)
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@forker, so what are you thinking? Should we see a turnaround here?
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forker PRO TexasTower85
@TexasTower85, Well, I have no cristal bowl :) Price can turn at the Centerline and go south again, or zoom through and retest it bevor going further north. I'm in observing mode.
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