Harmonic Price Patterns

Thanks TAH for S&P chart.

serene wrote:Wish that this will be followed by better news in Geneva.
   

We will loose Geneva vote but this is not the end of the world...   for us.

EDITOR'S NOTE: Catch the all new Kitco.com Market Data and Bitcoin sections!

Goldman Sachs Reiterates Call For $1,050/Oz Gold At Year-End
By Allen Sykora of Kitco News
Friday March 21, 2014 8:13 AM


(Kitco News) - Goldman Sachs reiterated its call for gold to fall to around $1,050 an ounce by year-end due to a recovering U.S. economy.

Prices rose sharply for most of the first quarter due to softer U.S. economic data, Chinese credit concerns and geopolitical tensions surrounding Ukraine, Goldman said in a report released late Thursday night.

“While further escalation in tensions could support gold prices, we expect a sequential acceleration in both U.S. and Chinese activity, and hence for gold prices to decline, although it may take several weeks to lift uncertainty around this acceleration,” Goldman said. “Importantly, it would require a significant sustained slowdown in U.S. growth for us to revisit our expectation for lower U.S. gold prices over the next two years.”

In particular, Goldman said it sees potential for 10-year TIPS yields to rise, thereby hurting gold. However, the bank said with the Federal Open Market Committee tapering its bond-buying program known as quantitative easing, any decline in gold will be data dependent and hinge upon U.S. economic releases.

U.S. economic data have been softer so far in 2014, but Goldman economists mostly see this as weather-related due to a harsh winter and look for economic growth to accelerate for the remainder of the year, the firm said. However, the bank said it could take several more weeks, until April economic data is released, to get confirmation that the economy is in fact picking up.

Goldman said it expects any decline in gold to be a data-driven “grind
lower” as market participants get progressive confirmation of U.S. growth acceleration. Such price action would be a contrast to the sharp sell-off in 2013, when Goldman said it had a bearish view driven by a disconnect between stretched long gold speculative positioning and stabilizing U.S. growth with low inflation.

“Beyond near-term uncertainty on the pace of U.S. growth, our base case forecast remains for a sequential acceleration in U.S. activity,” Goldman said. “As a result, we reiterate our bearish outlook for gold prices in 2014 and 2015 and our year-end forecast of $1,050/toz. While the first quarter
slowdown in activity creates risk that our expected price decline is delayed by one quarter, the more hawkish March FOMC which pointed to a potentially more aggressive path to less accommodative monetary policy is an offsetting risk.”


http://www.kitco.com/news/2014-03-21/Goldman-Sachs-Reiterates-Call-For-1050-Oz-Gold-At-Year-End.html

Survey Participants Have Mixed Views Regarding Gold's Direction Next Week






Friday March 21, 2014 12:05 PM

(Kitco News) - Participants in the Kitco News weekly gold survey are split over their views on gold’s direction for next week, with a nominal number expecting weaker prices.

In the Kitco News Gold Survey, out of 33 participants, 18 responded this week. Six see prices up, while eight see prices down and four see prices trading sideways or neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Last week, most participants were bullish. As of noon EDT, Comex April gold prices were down about $43 an ounce on the week.

Those who see weaker prices said gold needs to recalibrate after this week’s sharp rally and subsequent fall.

“I think we have a little more downside to this. We’re holding just under the key support levels. Last week we went up to $1,400, (nearly) hit it on Sunday and spent the rest of the week selling off. For next week we need to get above $1,346.50, which is the 20-day moving average. The 20-day and the 10-day are flatting out, so that could be a ceiling. If we can’t close above $1,346.50, then we could come to test the 200-day and the 50-day, which are now sitting at $1,302.60 and $1,299.10,” said Charles Nedoss, senior market strategist at LaSalle Futures Group.

Those who see higher prices expect gold to add to its rebound from this week’s lows.

“It was a rough week for those of us who were bullish gold a week ago... the trifecta of bearish news. (Russia President Vladimir) Putin didn't advance his aggression beyond Crimea, (Federal Reserve Chair Janet) Yellen made one hint of a more hawkish-than-Bernanke view strengthening the dollar, and the WSJ (Wall Street Journal) story the European Union is 'considering' relaxing the 400-metric-ton-a-year selling limit on EU central bank gold reserves. Despite all that, gold has held the secondary support levels (around) $1,325 and we expect the next stage will be an intervening rally that carries gold back toward the $1,360-75 level. We look for gold to close higher in the week ahead,” said Ken Morrison, editor of online newsletter Morrison on the Markets.

Those who are neutral see prices trading sideways said gold needs to consolidate after this week’s large price swings.

“Gold should be in for some consolidation or range-bound trade as everyone watches the situation with Ukraine/Russia simmer - which remains a bullish influence - and contemplates Fed policy - which is a bearish influence. Gold has had a great run and many traders are just booking profits and looking for a good re-entry level or if they are forced to liquidate more positions. I will be neutral next week,” said Frank Lesh, broker and futures analyst with FuturePath Trading.

http://www.kitco.com/news/video/show/on-the-spot/617/2014-03-21/Gold-Can-Rise-Despite-Manipulation-Gold-Cartel-Author

Dear Members,
I thought of posting SAMP chart as there seem to be some interest in the forum, the Price Action nearing a classic break out around 180 this should see touching 185 before, not sure though the timing or it will fail due to Resistance around same price levels. The failure will trigger the XD date sell off to fall around 175-173 levels, and may give another try to breach the RES lines.
This should see price target of 210 coming into equation.
And extension later on there onwards for higher levels.

Appreciate your comments on the chart .....

  

Tanks TAH for the chart. Pl see whether you can make it visible March data also.

something wrong .....

Thanks TAH.

There are few companies so far on technical BUY.

SAMP is 1.
ASIY could be another after seeing limited BUYING today by someone clever (Not me by the way)

Now seeing around 55K @ 3 but Sellers keeping hold @ 3.10

Lets see tomorrow whether 3.00 order will vanish or ..... fill

CITK could be another on TB side.
LFIN another .....

Thanks TAH for your suggestions.  

ASIY & SAMP agreed.

I am really short of Cash otherwise i would have bought 2500-5000 qty of SAMP  few weeks ago   and then i would be sitting with 10% GAIN already + dividend cheque to come to my home ...... damn

Thanks a lot mate.

Thanks everyone for hitting 1000+ views on my thread within less than a month from starting   

The Chart i am looking at today is one of my old time favourite counter.
The PLC.N BAT Pattern




Come 2001, Scott Carney founded another Harmonic Price Pattern called the “Bat.” The Bat is defined by the .886 retracement of move XA as Potential Reversal Zone. The Bat pattern has the following qualities:

Move AB should be the .382 or .500 retracement of move XA.
Move BC can be either .382 or .886 retracement of move AB.
If the retracement of move BC is .382 of move AB, then CD should be 1.618 extension of move BC. Consquently, if move BC is .886 of move AB, then CD should be 2.618 extension of move BC.
CD should be .886 retracement of move XA.


Here is the BAT (Bearish) to refreshen up what i am seeing on PLC



The price action for PLCN should gradually pick up from current levels of 14.5/- towards initial ceiling at 15.5/- and subsequent break out may open 17.5/- as long as the floor 13.5 trend line is strong.

Kindly do your due diligence and presently i am not holding PLCN.

TAH
TAH

TAH wrote:Thanks everyone for hitting 1000+ views on my thread within less than a month from starting   

Testimony for your great work. Keep It up mate.   

Great work TAH ! much appreciated !

The CSF Technical Chart.
I am more Bearish Biase on the CSF.
Looking for 6.5~7

Here is the Last chart on VONE.N



The Break out 17-18.50 crucial for any upward movement with Floor @ 15Rs on VONE holding nice.

TAH

TAH wrote:

Familiar stories aren't they?