#XAUUSD and the quasimodo 'top'
Updated
Hello all,
We've made some notes on the chart about the mentioned pattern. On top of that we can see the price is in a triangle on the 1H timeframe.
Because of the bearish impulse that was confirmed twice we rather believe it will retest the triangle support than breaking up.
On the 30 min timeframe (intraday) we can see a topping rising wedge pattern at this resistance cluster. This time with a regular bearish divergence, that is rather different from a hidden bearish divergence. A regular bearish divergence shows some signals of exhaustion of the current 'bull' trend.
Hopefully our view benefits you. If you like our charts and want us to post more often on tradingview, don't forget to show some appreciation with a like on this idea.
Good luck!
We've made some notes on the chart about the mentioned pattern. On top of that we can see the price is in a triangle on the 1H timeframe.
Because of the bearish impulse that was confirmed twice we rather believe it will retest the triangle support than breaking up.
On the 30 min timeframe (intraday) we can see a topping rising wedge pattern at this resistance cluster. This time with a regular bearish divergence, that is rather different from a hidden bearish divergence. A regular bearish divergence shows some signals of exhaustion of the current 'bull' trend.
Hopefully our view benefits you. If you like our charts and want us to post more often on tradingview, don't forget to show some appreciation with a like on this idea.
Good luck!
Note
They have been cleaning some accounts and eaten the stop losses. Will the precious metal choose a direction now? This current candle doesn't look bullish anymore, but let's wait until it's proper closed in it's current form.Note
Let's call this a broadening top on the 30 min timeframe.Note
Time to hedge the short:Note
If this flag gets breached, the next support is around 1270 areaNote
The hedge has hit our TP, now we will look for shorts againNote
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