UPDATED: Triple top Bearish pattern, -44%+ decline soon?
Updated from previous Published chart....
Gold looks to be about to bust IMO. Already had calculated current trend pattern, and identified it as a potential 3top pattern a week or two ago. I wanted a back test of any previous 3top tech patterns to see if the calculations used; the standard 2X the % of 3 top formation channel difference from top to bottom. Then calculate and log the price point of the 2x loss within channel, measured down from the lower price support of the channel.
It seems the previous 3top identified was almost a text book example of how this pattern is taught. Albeit, it was actually worse than the predictive formula for the 2011/2012 3top eventual decline in value. Looks like the potential is there for a significant decline in the value of the "safe alternative asset", at least according to ALL the commercials. And it doesn't seem to live up to most of the other sales pitches made on tv and radio such as " gold is a hedge against inflation", and many other misleading claims. Don't always buy into the hype I guess. Always do your own homework.
Short on time, just wanted to get this out there for some alternative views and collaboration in regards to what I may have stumbled on here. Check me on this if you have the time, I don't have much at this moment; I believe I was taught that in general Stocks in general, or indexes, are one of only a few proven assets that have kept up with or outpaced inflation over the long-term (the past 100 years or so.).
Disclosure: This is not to be taken in any way as an attempt to provide investment advice, this post and chart are for informational purposes only. All content contained is not a recommendation either for or against owning Gold and I recommend you speak to your financial advisor before acting upon any information you find herein, or any other posts for that matter! Always remember that investing involves risk, and can result in financial loss. And past performance is not a reliable indicator for future results and should not be relied upon as the basis for making investment decisions. Thanks all of ya'll who view this, I am looking forward to hearing your thoughts on this subject! Hope it sparks some ideas that may help any of you in your quest for knowledge.
Gold looks to be about to bust IMO. Already had calculated current trend pattern, and identified it as a potential 3top pattern a week or two ago. I wanted a back test of any previous 3top tech patterns to see if the calculations used; the standard 2X the % of 3 top formation channel difference from top to bottom. Then calculate and log the price point of the 2x loss within channel, measured down from the lower price support of the channel.
It seems the previous 3top identified was almost a text book example of how this pattern is taught. Albeit, it was actually worse than the predictive formula for the 2011/2012 3top eventual decline in value. Looks like the potential is there for a significant decline in the value of the "safe alternative asset", at least according to ALL the commercials. And it doesn't seem to live up to most of the other sales pitches made on tv and radio such as " gold is a hedge against inflation", and many other misleading claims. Don't always buy into the hype I guess. Always do your own homework.
Short on time, just wanted to get this out there for some alternative views and collaboration in regards to what I may have stumbled on here. Check me on this if you have the time, I don't have much at this moment; I believe I was taught that in general Stocks in general, or indexes, are one of only a few proven assets that have kept up with or outpaced inflation over the long-term (the past 100 years or so.).
Disclosure: This is not to be taken in any way as an attempt to provide investment advice, this post and chart are for informational purposes only. All content contained is not a recommendation either for or against owning Gold and I recommend you speak to your financial advisor before acting upon any information you find herein, or any other posts for that matter! Always remember that investing involves risk, and can result in financial loss. And past performance is not a reliable indicator for future results and should not be relied upon as the basis for making investment decisions. Thanks all of ya'll who view this, I am looking forward to hearing your thoughts on this subject! Hope it sparks some ideas that may help any of you in your quest for knowledge.
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