XAUUSD at Bottom of Weekly Range
3 Legs down are clear on weekly chart which indicates wedge bottom. Also XAUUSD has been moving within TR for couple of weeks.
Remember that markets have inertia. It means they have desire to do what they were doing. As long as we are in TR, most breakouts fail.
In H4 timeframe we have possible final flag and then sell climax. Sell climax is tight bear channel fall down and test the bottom of range. Also this tight channel has 3 climaxes with bad follow-throughs.
In this situations, what we will have probably is trading range or reversal up.
Remember that markets have inertia. It means they have desire to do what they were doing. As long as we are in TR, most breakouts fail.
In H4 timeframe we have possible final flag and then sell climax. Sell climax is tight bear channel fall down and test the bottom of range. Also this tight channel has 3 climaxes with bad follow-throughs.
In this situations, what we will have probably is trading range or reversal up.
Note
Getting bull breakout with follow-through bar.
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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.