Gold made an ABCD against previously posted bearish area.

LOD was 40.00. Up 14.75 off that. Good 'guess' on the level, right? Right. A guess...

Originally posted by jimkane

Well, we'll see if this area that reaches down to say 40-41 turns this, or if it just heads right down to sub-1600 in one quick shot. It all depends on what comes of all these CON-gress shenanigans. There is also something at around 1620 that might produce some reaction. It does look extremely ominous, and that's usually when they come in hard. Some day they won't, but the money printer is still on full, come January when Old Yeller gets in, she'll up it, maybe even tenfold. I would surely say at least double to triple. She makes old Benny seem like a piker. So, I see no reason yet for this to really collapse. Now, if we default, which really means essentially nothing, it may sell a bit, and then recover. Just some thoughts.

There's a ton of stuff right here and a shallow C point bearish ABCD, but there is also some additional stuff just a bit higher, too. And it looks strong right now.

Gold is just exploding on the tick chart in here.

Yeah, rat, you got it on that last chart with that modified Schiff, that was the key one for me when I made my post yesterday on that 40-41.

It really wants that 59-60 area. There is sooooooooooooooo much between here and there, but I can 'feel' it wants it. We'll see. Its eyes may be bigger than its stomach, as my mom used to say when I was a kid.

Getting squirrely on the Fed minutes here. Let's see how that shakes out. Maybe it can quell their appetite for that 59-60 area.

Doesn't look like it quelled anything... Man, it's all over the place. It sure 'sees' this area, but it has its eye on the prize at 59-60, too. Crazy action. Typical for this time of day, though.

I personally wouldn't touch it with a stick on the long side, but TSLA popped today off a bullish ABCD just about dead off a key line, at a key .382 (with the B point at the .300). It is interesting.

Two other momo fav's, as outlined by ZH in their IB double margin hike article, are SFUN and QIHU, and both also have ABCD's that drew reactions. 'W3's?

Some other hammered momo's are PCLN, LNKD, NFLX, and my all time favorite stock ever (because they are such an essential, great, and non-NSA type of a company) FB. Die, pigs! Alas, though, with today's pop reversal, the down move may be done. I hope it's just barely started...

Interesting article, but I'm mostly posting it as a reference for this one quote.

"Iceland went through a similar deflationary event to that risked in the US today when its banking system collapsed and the currency halved overnight."

Now, wait, during a deflation their currency got cut in half? No, hold up, wait, all I've ever heard is that during a deflation cash is king, it's super rare, and its buying power increases. Yeah, uh-huh, that's what really happens in the real world. My money gets me more stuff. Uh-huh. Deflation and less buying power. Makes sense.

http://www.zerohedge.com/news/2013-10-12/gold-debt-ceiling-and-fed