{"id":19265,"date":"2013-03-27T10:23:59","date_gmt":"2013-03-27T14:23:59","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=19265"},"modified":"2013-03-27T10:23:59","modified_gmt":"2013-03-27T14:23:59","slug":"technical-analysis-put-egos-aside-respect-the-charts","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2013\/03\/technical-analysis-put-egos-aside-respect-the-charts\/","title":{"rendered":"Technical Analysis \u2013 Put Egos Aside &#038; Respect the Charts"},"content":{"rendered":"<p>I would like to repeat the idea that it is best to subordinate yourself to markets at all times.\u00a0 To put your ego aside or at least check it daily to make sure it is not leading you astray.\u00a0 The gold bug ego for example, hardened by a solid decade-plus of relentless bull market is in my opinion too set in its ways on balance.\u00a0 That is because it is an ego that knows it is right.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" alt=\"\" src=\"\/img\/sites\/ino\/email\/5055.jpg\" width=\"726\" height=\"441\" \/><\/p>\n<p>Au monthly chart, log scale<!--more--><\/p>\n<p>Using a log scale chart, which is better for illustrating trend lines, we see that gold is at critical lateral support zone.\u00a0 But there are two more lateral support zones roughly in line with the two major bull market trend lines.<\/p>\n<p>It is difficult to imagine gold declining very hard from current levels, given the superior sentiment backdrop (pervasively over bearish by the usual contrary indicators), but the chart is always the chart and it should be respected by right minded people.\u00a0 Gold holds critical support at 1524 until it doesn\u2019t, see?<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" alt=\"\" src=\"\/img\/sites\/ino\/email\/5056.jpg\" width=\"723\" height=\"554\" \/><\/p>\n<p>HUI weekly chart, linear scale<\/p>\n<p>Speaking of respect for charts, the sad journey of the HUI Gold Bugs index drives home the point.\u00a0 There were no predictions made in Biiwii land.\u00a0 There have only been probabilities based on status above support, below resistance, etc.\u00a0 In fact, I must once again own the fact that in 2010 into 2011 I had a measured target of 888.\u00a0 Nice one chart boy!<\/p>\n<p>But the important thing is to keep respecting the charts no matter what they do, regardless of whether what they are doing is constructive to your favored plan or bias at any given time.\u00a0 HUI, in making a series of warnings (1, 2 &amp; 3 on the chart) by violating support levels, has come to a very bearish state.<\/p>\n<p style=\"text-align: center;\">With the constructive sentiment backdrop and extreme over sold status, the index has been a candidate to at least put in a tradeable counter-trend bounce.\u00a0 But yesterday something happened that even put that prospect in jeopardy.<\/p>\n<p>Since this area of the market is one that I remain engaged with fundamentally \u2013 the Cyprus hype only adds fuel to the bullish case for gold \u2013 my newsletter Notes From the Rabbit Hole will remain open to the bullish case at the drop of a hat.\u00a0 But we will surely not become victims if worst case scenarios come about in the interim.<\/p>\n<p>That weekly chart of HUI especially, has most recently been a negative view since the index lost former support at 460 after making a \u2018W\u2019 bottom last summer.\u00a0 That means that Huey must now prove that it is not bearish (by recovering at least the lower of the 2 red dotted necklines) and not the other way around.<\/p>\n<p>Some people dislike technical analysis because it can say some disturbing things that go against everything we think we know.\u00a0 And that is exactly why we need it.\u00a0 The current plan is to be ready for opportunity whenever it arrives on its own schedule.<\/p>\n<p style=\"text-align: center;\">\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\">Gary Tanashian<\/div>\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\"><a href=\"http:\/\/www.biiwii.com\">www.biiwii.com<\/a><\/div>\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\"><\/div>\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\">NFTRH Premium: <a href=\"http:\/\/biiwii.com\/wordpress\/about-nftrh\/\">http:\/\/biiwii.com\/wordpress\/about-nftrh\/<\/a><\/div>\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\"><\/div>\n<div>Twitter @BiiwiiNFTRH<\/div>\n<div>email: <a href=\"mailto:**@bi****.com\" data-original-string=\"JTDqC5yyVjtBNfo0rQr\/Fg==\" title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><span \n                data-original-string=\"JTDqC5yyVjtBNfo0rQr\/Fg==\"\n                class=\"apbct-email-encoder\"\n                title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><br \/>\n        <span class=\"apbct-ee-blur-group\"><br \/>\n            <span class=\"apbct-ee-blur_email-text\">**@bi****.com<\/span><br \/>\n            <span class=\"apbct-ee-static-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard\"><\/span><br \/>\n            <\/span><br \/>\n            <span class=\"apbct-ee-animate-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init apbct-ee-blur_animate-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft apbct-ee-blur_animate-soft \"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard apbct-ee-blur_animate-hard\"><\/span><br \/>\n            <\/span><br \/>\n        <\/span><br \/>\n<\/span><\/a><\/div>\n<div style=\"border-collapse: separate; color: #000000; font-family: Helvetica; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium;\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>I would like to repeat the idea that it is best to subordinate yourself to markets at all times.\u00a0 To put your ego aside or at least check it daily to make sure it is not leading you astray.\u00a0 The gold bug ego for example, hardened by a solid decade-plus of relentless bull market is [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1840,4931,4273,349,4932,102],"class_list":["post-19265","post","type-post","status-publish","format-standard","hentry","category-general","tag-biiwiicom","tag-ego","tag-gary-tanashian","tag-guest-blogger","tag-respect","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - 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