History repeating itself? Gold set for dive!
The two charts are a comparison of the previous beginning of last gold bear market compared to the current price of Gold. I posted a chart in May that I recognized an apparent triple top technical pattern, that if it turns out as accurate, Gold has the potential to tank by up to my estimate 44% from all time high. I was told that is "Impossible" in the chat, and many were still bullish. I don't know why they would be, if a price fails to break through a certain resistance level, for a third time on any timetable, confidence of the buyers will begin to fade, and the bears become more confident. The bears know that the odds are more likely the price will come down, it isn't likely it will test that resistance again for a long time. Gold has had stamina in resisting the shorts, in many cases it only takes a double top to send the price into bear territory.
If they look similar it is because I argue that this pattern is repeating itself. In the older chart you cannot see the resulting downturn that followed, but it did, and it will again. If you take a bit of time and look at the movement around 2014 this is the timeframe of the last identified triple top shown in the chart.
If you are reading this and are still bullish on Gold, I would be truly interested to hear your thoughts on why that is and what I may not be seeing. I will be polite, I am not asking to argue, I would like to have an honest back and forth about this! One word responses such as "Impossible" aren't exactly informative or explain why you think that is. I would also like to hear from anyone who may be closely watching the same thing I am and get your take on what you may have identified in your analysis. Thanks for checking out my post!
If they look similar it is because I argue that this pattern is repeating itself. In the older chart you cannot see the resulting downturn that followed, but it did, and it will again. If you take a bit of time and look at the movement around 2014 this is the timeframe of the last identified triple top shown in the chart.
If you are reading this and are still bullish on Gold, I would be truly interested to hear your thoughts on why that is and what I may not be seeing. I will be polite, I am not asking to argue, I would like to have an honest back and forth about this! One word responses such as "Impossible" aren't exactly informative or explain why you think that is. I would also like to hear from anyone who may be closely watching the same thing I am and get your take on what you may have identified in your analysis. Thanks for checking out my post!