GLD Recognition Day
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Today is called a recognition day when it finally becomes apparent that the trading range is ending and you have a massive breakout move. We can still get a backtest to the breakout point which would represent the 2nd area to take a position. Today GLD gapped below the H&S backtest to the bottom rail of the black bearish rising wedge and that very important S&R line which last week I said came into play around the 117 area.
GLD Weekly Chart
GLD’s Monthly 2011 Bear Market Downtrend Channel
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Rambus Chartology is Primarily a Goldbug TA Site following the precious metals markets. Chartology is the Unique Blend of Technical Chart Pattern Identification and Market Psychology, Developed by Rambus During the Tech Mania of the late 1990s. His Early Training came the old fashioned way...Reading Edwards and McGee's Bible of Technical Analysis and spending years with a sharp pencil graph paper and ruler refining his skills and accuracy. Visit the Rambus Chartology website at http://rambus1.com/.
