GOLD Daily Angular 27.2.12 – 20.3.12

Here we look at the gold price from an angular point of view. I used two ellipses – white and green. Both are set to be in 240 scale. The green ellipse stands between 1 and 6, white one is between 4 and 5. Channel with yellow 0-100% (and red discontinuous multiples) goes amont points 1, 2 and 3 (it creates a tangent to the green ellipse). Angular analysis is quite tricky, because we always have to find the right scale for the ellipse. The scale must reflect the past too, so we are sure that our new ellipse is produced on a solid basis. Here is my initial proposal of a daily chart. Several areas are highlighted with blue ellipses. These are some crucial crosses of the Fibo tools and a price in extreme values.

…lets have a look almost a month later: