-- Posted Friday, 12 October 2007 | Digg This Article | Source: GoldSeek.com
Gold and Silver - Ending Diagonal Patterns
Oct 11 2007
Short Term Forecast
The price action for Gold and Silver appears as possible ending diagonal patterns, indicating that a sharp pullback is possible. We were also following ending diagonal patterns for the DOW and SPX, which completed on Oct 11th (today). When ending diagonals complete they are followed by a sharp decline to the starting point of the pattern. The starting point is at the wave (4) low on the Gold and Silver charts below.
Ending diagonals are corrective patterns and can extend further and longer but the action should be maintained within the apex of the triangle, until a break below the lower trendline identifies the reversal. The action for the Gold and Silver ending diagonals appear as a throw-over for wave 5 up, and could be complete. A break below the lower trendline will be bearish.
Gold
Silver
We also identified ending diagonal patterns for the markets in Feb 2007 and in July 2007 before the sharp declines into the March and August lows.
These charts are only a guide so that you can follow the action and watch for the expected topping action in the ending diagonal triangle. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.
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