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Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
Blog Posting: February 22, 2008, Gold ETF (GLD)
The ETF (exchange traded fund) shows what I thought a week ago was a head-and-shoulders top but it is not. Why? Because price never closed below the neckline.
Instead, it morphed into a symmetrical triangle and broke out upward. Now, gold might -- just might -- be throwing back to the top triangle trendline
before resuming the move up. I question that because lots of small candles
occurred after the prior symmetrical triangle breakout and those did not result in a throwback. So, gold could keep on rising.
GLD Aftermath
Price began forming a congestion region the day after my blog entry above. The stock never returned to the top of the symmetrical triangle nor came that close, but price did drop some.
After the bulls foiled the attempted throwback, price continued its march to the summit, making a new high. See my blog entry, March 18, 2008: GLD Rush at End (GLD)?
for more discussion about GLDs behavior.
-- Thomas Bulkowski
Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
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