catherine.bath

Double Gartley pattern in Gold??

COMEX:GCZ2014   GOLD FUTURES
108 2 2
If Two Gartley patterns can intersect, like they do on this chart, Then I think the second Gartley pattern is ready to give us a nice extension. The first Gartley pattern , starting at the end of June 2013, extended beautifully from late December 2013 into mid March 2014. This same extension leg (indicated by first red dotted arrow) is also the XA leg of the current pattern which if correct, is due to extend any time now. It could go a bit lower, but not below the X point at 1281.4 from Dec 31, 2013. We are very close. The second red dotted line shows the probable extension. It could go even higher.
Do you expect same correlation with Gold companies like Agnico, Barrick, Goldcorp, Kinross.....?
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I don't generally look at the mining companies' charts, but they usually correlate to some degree. I only trade gold futures. Just looked at ABX and I don't see the Gartley pattern. If we are lucky ABX will bounce from a triple bottom this week. (on daily chart) IF gold bounces, as I am expecting, then the miners will follow, or may even lead. And if this all happens as I illustrated, it will be a decent run, up to 1360 in gold futures. But after that, down again, probably way below 1200!
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