nmike

GLD weekly , update

AMEX:GLD   SPDR Gold Trust
21
The dual Fisher 34/100 along with the 34ma is a reliable signal system for spotting minor & major bottoms / tops and trend reversals. The basic signal: when both Fisher are above mid point trend is bullish and when both are below, trend is bearish. But like so many indicators there is a delay compared to price action. So Fisher patterns and divergences are used to confirm price action to get the earliest possible reversals. Fisher does not always show divergences at overbought /oversold levels but instead it often shows overextended spikes. So we need another indicator like RSI or CCI to show divergences. In this case I've chosen the CCI 50. One of the best thing I like about the dual Fisher is that when you see the exact same pattern on both you often get a highly reliable reversal signal. In this case we had a "dual" Fisher overextended spikes along with CCI divergence and bullish candle action. I will post more examples and real time predictions in the future using the "DUAL FISHER". Currently GLD momentum is up, candle action is bullish and above 34ma. If price can break R1 next likely target is R2. Bearish candle action below averages could see GLD retest key support.

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