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Bull Pennant Move

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Another leg up is coming soon. However, it is not guaranteed of course!

Price moves (human psychology) are basically simple patterns repeated, over and over again.

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Beware technical analysis. It is numerology, it is not scientific.

I look at the chart and see a double, maybe triple top. According to that analysis it should fall. Then again an EW proponent would see an XY irregular wave.

The thing about TA is that it allows people to talk with authority, this convinces others they can see the future they cannot, they are not experts. Should they be able to do so the markets would move instantly to that position negating their analysis. The markets cannot be mapped by such techniques because they are not a physical system, they are game theory. The way they move is dictated by the way we collectively think they will move. Psychology not physics.

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Bump this - technical anaylsis only works 50% of the time, but revisiting this looks interesting.

this is very true I watch live charts all day and one often sees pennants and descending/ascending triangles wedges etc in short term time frames developing over maybe an hour or two but you'd have to be a fool to enter a trade because you think the 'breakout' will go the way you expect. Fundamentals tell me gold is going way higher. no need to rely on a technical pattern for that.

Edited by goldfever

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