Gold – The Ultimate Charting Market. Post 1: 1975 - 1983**
Source of these Images:
Weekly chart – 1975 through 1979
Major chart construction
- A. Rounding bottom from 1975 through Jul 1978 (labeled A). This rare chart pattern predicted a grand bull market cycle ahead.
- B. Expanding volume throughout 1978 (labeled B) confirmed that the bull market ahead would be one for the ages
- C. A running wedge (labeled C) will often “sling-shot” a bull trend into a period of price acceleration
Daily chart – April 1975 through August 1976
- All the below took place in the final declining phase of the rounding bottom during the correction in Gold from $194 to $100
- Rectangle completed in early Sep 1975
- Symmetrical triangle completed in early Jan 1976
- Symmetrical triangle completed in mid Jul 1976
Daily chart – July 1976 through May 1978
- Head and shoulders bottom completed in late Oct 1976. This was the orthodox low of the rounding bottom on the weekly graph.
- Symmetrical triangle completed in late Feb 1977
- H&S top completed in May 1977. Once the target was met the major bull trend continued. This pattern needed to be understood within the context of the major rounding bottom.
- Symmetrical triangle completed in late Dec 1977
Daily chart – September 1977 through August 1979
- Continuation H&S completed in mid-Jul 1978. This pattern propelled Gold prices into new all- time record highs.
- Symmetrical triangle completed in mid-Sep 1978
- Island exhaustion top in late Oct 1978 – indicated the market needed a pause
- Wedge completed in late Apr 1979
- Major running wedge (labeled C) completed in late May 1979
Daily chart – May 1979 through December 1979
Weekly chart – Late 1979 through early 1984
Major chart construction
D. Flag (see previous section)
E. Blow-off top
F. Symmetrical triangle bottom
G. H&S top
H. H&S bottom
I. H&S top
J. Descending triangle (as right shoulder of H&S top).
Daily chart – September 1979 through June 1980
- Flag (labeled D) completed in Nov 1979 – see previous section
- Half-mast flat completed in Jan 1980 (labeled E). This flag launched the final phase of the 1970s bull market.
- Island top in mid Jan 1980
- Descending triangle completed in early Mar 1980
- Symmetrical triangle bottom (labeled F)
- Pennant completed in late Jun 1980
Daily chart – June 1980 through August 1981
- H&S top (labeled G) completed in Dec 1980. This was the cap to the first big rally during the 1980 to 1999 bear market
- Symmetrical triangle completed Jun 25, 1981
Daily chart – May 1981 through July 1982
- Continuation H&S top completed early Nov 1981
- Major H&S bottom completed in mid Aug 1982 (labeled H)
Daily chart – July 1982 through August 1983
- Completion of major H&S bottom in Aug 1982
- Symmetrical triangle completed in late Nov 1982
- Major 13- month H&S top (labeled I)
- Descending triangle (labeled J)
It will continue...
Article Syndicated by @yuriitonkov
This article was written by Peter Brandt. An author, financial blogger and commodities trader.
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