For those of you who are satirically challenged, the following analysis may cause severe discomfort. To you, I say 1) I am sorry for your affliction and b) we can't be friends. Now onto the analysis of the dreaded Vomiting Camel Pattern (VCP).
During my traditional weekend chart work, I discovered a disturbing pattern developing in the gold market. After spending much of 2014 gyrating above $1,200 gold has now formed the vomiting camel pattern.
To analyze this pattern, we must first start with what may cause a camel to vomit. After literally minutes of research, I found the main cause of camel nausea is eating too many bugs. In this case, our camel has spent the better part of 2014 devouring gold bugs. The dramatic spike in the U.S. dollar has made it clear that the aforementioned Camelus Bactrianus has had its fill of investors betting on higher gold prices … including me.
A short video worth a watch click here
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