The Big Channels - Gold
If you do not have multi decade price channels, you are looking at the trees with out seeing the forest.
readtheticker.com has data for the most critical symbols back 50 to 100 years or more!
From Yahoo Finance, a narrow view.
The lest decade, below. This is a screaming bullish chart. Gold bounced off the lower channel, yes this is short covering of very large short positions. but now we wait for momentum hedge fund traders to buy the dip (or test) of the lower channel line. And they will !!
Long term. The big channels matter!
"Tape reading is rapid-fire horse sense...The Tape Reader aims to make deductions from each succeeding transaction -- every shift of the market kaleidoscope; to grasp a new situation, force it lightning-like through the weighing machine of the brain and to reach a decision which will be acted upon with coolness and precision" ~ Richard D Wyckoff
"The four most dangerous words in investing are 'This time it's different' " ~ John Templeton