Turds Bottom #2 and the 50 day
TF called TF#2 bottom after the May 17th 50 day moving average bounce. Typically, long term (significant) bottoms have been put in at the 150 day MA. This has held for the last 3 years. Go pull up a daily chart of gold (or GLD) and add a 150 day moving average. A weekly chart with a 33 week MA will work also. You will see that since the beginning of 2009 it has held 7 times.
This implies that Turds#2 is faulty (Turd's #1 was off the 150 day MA). In addition, we are in the mythical Summer Doldrums. What I put out for discussion is this: does the 50 MA hold? If not, does that mean we are destined to retest the rising 150 day MA which is currently around 1440ish?
My contention is at the end of cycles the game changes and we won't test the 150day MA right now.
