THE TOP WHITE DOWNTREND CHANNEL KEEPS
BEING RAISED TO INCLUDE THE NEW HIGHS BEING
MADE UNTIL IT IS LEVEL WITH THE HIGH AT 1153.40
THE LOWER TREND CHANNEL LINE IS MERELY
A PARALLEL COPY OF THE TOP LINE FITTED TO
THE LOWEST LOW TO THE RIGHT OF THE HIGH (1153.40)
FROM WHICH THE TOP LINE IS DRAWN DOWN ALONG
SUCCEEDING LOWER HIGHS.
THE REVERSE PROCEDURE IS DONE FOR AN UPTREND
CHANNEL BY STARTING WITH THE LOWEST LOW AND DRAWING
A LINE THROUGH THE SUCCEEDING HIGHER LOWS AND
COPYING THAT TRENDLINE ALONG THE HIGHEST HIGH
IN THAT PERIOD OF TRADING
GOLD IS WALKING ALONG UNDER THE TOP WHITE DOWNTREND
CHANNEL LINE AND WILL BREAK UP AND OUT OF
THAT CHANNEL. THE FINAL RETRACE POINT FOR
THIS MOVE BACK UP THE BIG SELL OFF IS AT $1147.50.
GOLD COULD PULL BACK FROM THERE AND THEN
MOVE HIGHER ON ITS WAY TO MOVE TO NEW HIGHS.
THIS $24 PULL BACK FROM THE HIGH AT $1153.40 IS
SMALL COMPARED TO PULLBACKS IN PAST YEARS (SOME
WERE $50 TO $75 DEEP) JUST BEFORE THE END OF YEAR
RUN UP IN GOLD WHICH INDICATES THE STRENGTH OF THIS BULL
MARKET WHICH SHOULD ONLY GET STRONGER AND
RISE HIGHER AS ECONOMIC CONDITIONS GROW
WORSE FASTER AND FASTER EACH DAY
