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Gold starting to create the “right side of an Eiffel tower” pattern?

Courtesy of Chris Kimble.

The “Power of the Pattern” suggested in the chart below that an Eiffel tower pattern in Gold could be taking place on 8/23.  The chart below was created “the morning that Gold hit its high so far this year.” (see post here)

The concern of this pattern?  When you see the left side of the tower, you often experience the right side of the tower!

 CLICK ON CHART TO ENLARGE

Below is an update of two key Eiffel Tower patterns in the past (Nasdaq 100 & DJ Home Construction) and how they looked in the early stages of the right side of the tower.

CLICK ON CHART TO ENLARGE

NDX and Housing index peaked, fell hard and then rallied, hitting their 61% retracement level.  Once they hit this level they headed down very hard and fast.  No way Gold would follow this exact same path would it???  Gold since the 8/23 peak, fell and the rallied back to its 61% retracement level and of late has turned soft again.

Did I mention bubble? Nope!  Did I mention Mania? Nope!  Does this pattern seem hard to believe? For many I suspect so!  Many didn’t buy that Gold could be hitting a high on 8/23, so why buy the pattern now???

Patterns repeat more often than many realize….Realize that is all that I am showing in the above example. 

Did it seem hard to believe that the Swiss Franc on 9/1 was calling for a large decline in Gold? I bet it did, yet the Francs 100% batting average on this subject remains in-tact!  (see post here) 

If you are long Gold, a key support line not far below current prices NEEDS to hold!!!


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