Tag Archives: triangle

The power of triangles — so far…

Posted on Nov 21, 2011 by WHC Bassetti.

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It is not wise at all to ignore chart formations. The triangle we pointed out as the present dominant formation in the market appears to be working — or wreaking — its power over prices.  Readers have heard us disavow measuring formations over and over and disavow responsiblity. With this disavowal in mind the predicted downwave of the triangle targets 1138.18 — uncomfortably close to our trend stop, but still 7 points off it. That target comes from measuring the depth of the triangle and subtracting it from the bottom of the triangle.

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Gold in them thar…

Posted on Aug 14, 2009 by WHC Bassetti.

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There is certainly gold thar — it’s the finding it that’s the trouble.  As we see it the government should be doing everything in its power to hold down the price of gold.  If it breaks out and runs away (first of all they’ll never catch it) and second it will shake the economic system to its roots because it will be a screaming symbol of loss of confidence and a fear barometer.  So everytime it looks like it might take off they announce that the IMF is going to sell 400 tons.  That’s a lot of gold watches.

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