By: Jeff Cooper
Hit and Run Trading Bonus Report - October 10, 2023
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Is A Gargantuan Gold Run At Hand?
The above daily GLD from last November’s low shows a Neckline (red) of a Head & Shoulders top formation.
Recapturing the Neckline around 175 puts GLD in a stronger position.
Interestingly, just above this Neckline and 175 there is a trifecta of technical that could trigger
A cascade move higher.
177 is 90 degrees down from the May 191 high.
178 is 180 degrees up from the 150.50 November low.
Trade above 177 opens the door to the Ghostline (blue) at 183.
183 ties to the “right shoulder’.
If GLD takes out 183 and holds, it triggers a Blade Runner continuation buy signal.
A broken right shoulder is a bullish event. It represents a failed Head and Shoulders: fast moves come from failed patterns.
The presumption is a cascade could play out above 175 and 177 and 183 that targets the critical 191 level.
Checking a weekly GLD shows a massive Rule Of 4 buy signal—a breakout above triple tops-- would be triggered on a breakout above 191.
There are no quadruple tops. The foruth time thru seals the deal. In this case, the bull deal for gold.
360 degrees up from last November’s 150.50 low is 203.50.
Above 203.50 projects to 232.50 which is a full 540 degree “cube” from last November’s low.