Technical Analysis is all hawabaazi. Nobody can read market. Well, let me break this myth and share story about Gold. The point I am trying to make - there is Science in stock price action.
THE STARTING POINT: My tweet on April 04 2013
Gold Chart as of then
Why did I believe Gold was about to break down then? - Because there was huge bullish sentiment in Gold and despite all bullish noises, Gold was behaving the opposite. There was a clear sign that panic was about to set in.
Gold finally broke down on 12 April 2013. I tweeted it live
There was panic selling in Gold as anticipated
Even as selling happened and I warned...people were dismissive
What was my reading back then in April 2013: Gold in serious downtrend: Don't touch Gold.
I even made a presentation back then with complete study
That's not all - in last 2.5 years...I have been warning...Stay away from Gold
This is as recent as March 2015
My biggest warning: Don't Listen to folks predicting bottom every day. This tweet in 2015
There is no such thing as bottom when assets are in downtrend
Gold still struggling to find bottom
There is a reason why asset prices move in a particular fashion. I call that SCIENCE OF STOCK PRICE ACTION. I will be releasing a new Video Book soon titled "Science of stock price Action". I am no market expert. I just read market based on the laws that govern them
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication, you agree to make no trade relying in whole or in part on the comments of the writers