GOLD... you don't fall. But if you will, it will be epic.
From this price to above, every single dollar up is a potential reversal zone until 1840s...
Mega SHARK PATTERN extreme completion is in on the table.
Mega SHARK PATTERN extreme completion is in on the table.
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The price has broke down the ascending channel and did a small retracement down of about 14$ but it may looks as a retest of the broken up structure (big blu triangle structure).
So, now we have two scenarios, the first one that it continues down retracing at least 23.6% (our first target) and a second where we easly can back up to 1824 (a.618 XC ext.) or above to 1836 - 1840 (2.24 / 2.27 BC ext.).
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Note
Looking at smaller TF (15 min) it looks is building the green triangle, anyway they want leave the round price of 1800 for now, bouncing beetween the two yellow 11 yers res / supp. A breakup of the green triangle (and yellov descending wedge) may the a signal of a pull up. Breaking down means probabily a down continuation.
In the first scenario we should have to hedge or close positions and look for new highs
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4hr charts shows that price is trading above the previous structure just broken (big blu triangle), and looks like is consolidating here into a big descending wedge (2 yellow lines).
If it does not go back lower to levels of the previous structure (below 1782) with a daily close, so on the contrary, it is easy that it will consolidate in the next days inside that wedge to break it up and then will continue to climbing upwards.
Take care with your opened short position, manage them!
Good luck to all.
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This is the daily chart view:
looks like as a perfect test of the previous structure which does not suggest an inversion, but the opposite, a continuation towards the top.
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This is a potentially expectation (it' my own personally view):
if we don't close below 1782 with a daily in next 2 days, beyond the 2.24 extension (last potential PRZ), this shark will be failed.
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added more short at the kiss of the big 88,6% fib line (1820,xx)
now i'm looking if it will goes to complete the pattern
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Note
The price has just hitted the 1.618 main extension of XB range. Thats was another sell limit on this Shark. Last sell point (potential PRZ) will be at extension 2.24 of BC, around 1838Trade active
Note
Last potential PRX reached, last sell limit triggered.Note
PRZ*
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.