Gold Target Correction
by Gary Tanashian, Biiwii.com | April 20, 2009
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This is something that a chart twittler hopes never to have to do, but I put something out there in the public realm that had an error on it. A 100 point error. As I was working on a gold chart for NFTRH29 this morning, I realized the measured target noted in this article should have been 780, not 680. I had noted in the article "if said decline comes to be and that's a big if" and now we can change that to 'that's a really big if' as in highly unlikely, although there remains a valid ABC correction scenario on longer term charts that still holds that potential.
You go years and years doing this stuff, double checking your work and trying to put out the best quality analysis possible and then... out of nowhere, a boneheaded screw up! Please accept my sincere apologies for any discomfort this may have caused.
On the plus side I got the direction of gold right as the over bullishness in the sector implied a decline. So, anyone who prepared for a decline is looking good. Here is a corrected chart, which actually pleases me greatly as it appears we can begin preparing for the end of the decline much sooner, as in now.
Copyright © 2009 Gary Tanashian
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