Recency biases, known "truths" and herd expectations.
I think the chart summarizes well what many thinks when they look at a chart of gold.
But lack of substantiating it with more than looking to what happened last year and what others say and think makes it a weak analysis.
They fail to look to the true cycle pattern that lies beneath gold and its historic range intervals. If we use the frequency of the 4 last ICLs, we are due for a ICL in the end of January/beg of February, not in first part of December.
And regarding bulltrap/beartraps:
People see that price has been trading in a range with typical 1-2 days up and same number of days down.
I think few are jumping on any train either up or down because the lack of follow-through on either side. in that way there is not significant sentiment in either direction to be clearly washed. Other than perhaps bearish sentiment as everybody thinks we are having a repeat of 2016 December.
So, we are range bound until we break out from it and confirms the move on volume/follow through.
Just my humble opinion.
I think the chart summarizes well what many thinks when they look at a chart of gold.
But lack of substantiating it with more than looking to what happened last year and what others say and think makes it a weak analysis.
They fail to look to the true cycle pattern that lies beneath gold and its historic range intervals. If we use the frequency of the 4 last ICLs, we are due for a ICL in the end of January/beg of February, not in first part of December.
And regarding bulltrap/beartraps:
People see that price has been trading in a range with typical 1-2 days up and same number of days down.
I think few are jumping on any train either up or down because the lack of follow-through on either side. in that way there is not significant sentiment in either direction to be clearly washed. Other than perhaps bearish sentiment as everybody thinks we are having a repeat of 2016 December.
So, we are range bound until we break out from it and confirms the move on volume/follow through.
Just my humble opinion.
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And a "secret"; there are more stops above 1305 than stars on the sky.
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Still not seen 1302... zzzz
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Looks like the herd was right on this one. And on bitcoin going to moon :)