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We're talking confluence, elliott wave/cup-handle charts, Obama-Bounce, and Diwali in today's "Chart This!" w/ Gary Wagner of TheGoldForecast.com. Before Wagner provides an in-depth tutorial on confluence, cup & handle chart patterns, and the elliott wave principle, we discuss the current corrections seen in the post-U.S. election markets, termed the "Obama Bounce", and where Wagner sees gold prices heading from here. Wagner, a self-admitted, staunch elliott wave technician, says what we are currently seeing is known as a "Wave 2 Correction"; but following this will be what's known as a "counter wave" or "B Wave" which should take gold prices higher, possibly as high as $1760/oz. In response to some analysts who have claimed that this is the beginning of a bear run in gold and that...
It's an in-depth an detailed lesson on fibonacci charts in this week's "Chart This!" w/ Gary Wagner of TheGoldForecast.com.
Today we use Japanese Candlestick charts to measure market sediment, as Gary Wagner of TheGoldForecast.com gives us another technical lesson in this week's episode of "Chart This!". Strategy is everything, according to Wagner, and he clearly demonstrates the uses and benefits of employing such a strategy. Wagner also takes us through the past week of price movements in gold, giving us his take on the current markets. Kitco News, August 17, 2012.