There is a slight chance that its still inside an ABCDE 4th.
There are so many shorts based on Gartley patterns. Let's go with the minority, shall we?
Its still going up after some pullback. So its either up->down->up or down->up->up
There are so many shorts based on Gartley patterns. Let's go with the minority, shall we?
Its still going up after some pullback. So its either up->down->up or down->up->up
Note
If gold manages to push higher without breaking below the purple (2) 1365 is a nice target before a pullback to the lower levels.Note
Note
Gold is finding resistance here. Its not at a fib extention target but its at a fib resistance. Unfortunately there is no access to volume so this is half the picture.If it doesnt break look for the low 1300 for a re-entry.
Trade closed: target reached
Target uno!Note
This is a potential wave 4 retracement. Its gonna hover around 1340 levels for the next hours before it picking a direction. If the .65 fib and wave 1 support holds its aiming for a last push to 1365.Note
Golden zone for the bulls at Gold.Note
Note that it can still be on the ABCDE 4th and going down for the E. Its a risky trade at this moment.Note
Gold is about to invalidated the bullish count. We will switch to the bearish one. Lots of fib correlations on the boxes. The middle one should hold for at least the MID term. If not the last one is the last support, also pitchfork lower support line.Note
Gold likes to bounce on the .65 retracement, but the structure seems incomplete, it should have another leg down to 1314 area before bouncing for real.
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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.