Expecting a few weeks of consolidation before going up
Updated
Continue our discussion on Gold/GC/GD since Sept.
We just had this significant testing happened. I take it very significant.
WHY
Expecting to see
1/ a few weeks of consolidation, likely to a daily convergence, then trend continues (70%)
2/ devolve into a longer flat-top squeezing (30%)
Action to take
We just had this significant testing happened. I take it very significant.
WHY
- Vol dropping on a common concurrence of market plunge
- It bounced at the strongest volume profile peak, and broke through the 2nd strongest peak
Expecting to see
1/ a few weeks of consolidation, likely to a daily convergence, then trend continues (70%)
2/ devolve into a longer flat-top squeezing (30%)
Action to take
- Holding current position
- Short-term trading on the first two waves
Trade active
No action taken for holdings.The incoming week is likely to consolidate in a 3% range, GL
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