This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Thursday, December 18, 2008
Gold Haulted at Resistance; Dec. 18, 2009
Above is a daily gold futures chart that shows a fibo resistance of 78% and a down sloping trendline from the previous two highs haulting gold's rally. This is significant because any follow through on the rally through that resistance would mean a new high for gold and it would break the downtrend of lower highs and lower lows. I expect gold to undergo a corrective decline over the next few days/weeks.
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