GU early signs of bullish reversal with TP and EP
Bullish wedge top (white TL) also coincides with yellow mid line of volatility band and red/orange daily line.
GU will confirm bullish trend IFF it manages to stay above those levels and break out from the wedge with impulse move. If it looks like a break out but not on impulse candles, chances are GU will drop back down.
Either way, for initial targets, we are looking at:
TP1: 6130 and TP2: 6225, TP3: anywhere within the rectangle (MPP, WPR2, fib extension level...) which is the DiNapoli K-are r confluence zone of fib retrace levels 38.2% and 61.8% from 2 different fib structures.
Best entry point was yesterday unfortunately from the M15 chart. If this burgeoning bull reversal doesn't reach targets today, then wait for a pullback possibly to the YPP (gold line @ 5987) to enter long.
GU will confirm bullish trend IFF it manages to stay above those levels and break out from the wedge with impulse move. If it looks like a break out but not on impulse candles, chances are GU will drop back down.
Either way, for initial targets, we are looking at:
TP1: 6130 and TP2: 6225, TP3: anywhere within the rectangle (MPP, WPR2, fib extension level...) which is the DiNapoli K-are r confluence zone of fib retrace levels 38.2% and 61.8% from 2 different fib structures.
Best entry point was yesterday unfortunately from the M15 chart. If this burgeoning bull reversal doesn't reach targets today, then wait for a pullback possibly to the YPP (gold line @ 5987) to enter long.
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