The Gold Journey to $2,500
The most obvious pattern is still successfully playing out as intended, with the help of the bullish pennant and an inverted H&S pattern pushing prices higher and higher as the market progresses.
Zooming out on a weekly chart allows you to see the true scope of how bullish price action is. Looking back at the 2011 high to where we are now confirms that price is still looking for a major resistant area. Since we've broken ATHs and haven't seen distribution patterns to worry about, this leaves us with options that price is only consolidating to continue its rally even higher.
Another pattern that works with this bullish scenario. Elliott Wave - Expanded Flat
https://prnt.sc/K1NHvw0RVUkx
Zooming out on a weekly chart allows you to see the true scope of how bullish price action is. Looking back at the 2011 high to where we are now confirms that price is still looking for a major resistant area. Since we've broken ATHs and haven't seen distribution patterns to worry about, this leaves us with options that price is only consolidating to continue its rally even higher.
Another pattern that works with this bullish scenario. Elliott Wave - Expanded Flat
https://prnt.sc/K1NHvw0RVUkx
NathanAL
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.