456 6 2
Beautiful setup. I suspect that Gold             will probably break it's current ascending 1/2 angle soon and find it's way back down to the main ascending 2/1 angle by following the blue arrows. However, another test and a break of the $185-ish area could very possibly lead to a $222.75 target (+50% of 148.50 - red arrow).
Great bounce! Price stopped nearly exactly on the asc. 2/1! Let's see if we can break the desc. 2/1 in the coming weeks.
Nice job ! :)
mrd2015 Algokid
Thanks! Let's see if we see a rally back up to the 1750 level to "complete" the inverse H&S! Disclosure, I'm long gold stocks after today's massive decline. With the close above the 2/1, I think we'll see a bit of a bounce. A close below the 2/1 will be worrisome.
First part of the retracement is pretty much complete. On the way up, I'll be watching for strength above the 2/1 angle. There is a possible inverse head and shoulder pattern emerging. October shoulder, December head, March shoulder. If the pattern is complete and a breakout above 2/1 occurs, price target would be ~$200.
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