Historically, in the past 15 years, gold has not retraced more than 76.4% Fibonacci retracement of a major rally or decline of 25% or more. Similarly, US Dollar vs Japanese Yen (USDJPY) has never retraced more than 76.4% of a major rally or decline of 25% or more.
The word ‘’major’’ in this context refers to a move which begins from a multi-year low or high. What is the implication of this historical analogy? Does it mean that a bottom is close for gold and a peak is approaching for USDJPY? Does it mean that blowout and a crash could be the theme for the US Dollar in 2017?
The word ‘’major’’ in this context refers to a move which begins from a multi-year low or high. What is the implication of this historical analogy? Does it mean that a bottom is close for gold and a peak is approaching for USDJPY? Does it mean that blowout and a crash could be the theme for the US Dollar in 2017?
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