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The brink of a breakout, Up or Down?We find ourselves within an ascending triangle, Ascending triangles are a bullish formation that anticipates an upside breakout. meaning we have a higher bias to break out towards the upside, In this situation the measured move, if the breakout is confirmed with volume, would be around the $40,300 zone. This scenario would be incredibly bullish, as that would also push us out and above our previous symmetrical triangle, For which the target is in the region of $50,000! However, this pattern also has a chance (although low 30%) to break towards the downside If this is the case, we would retrace to our first zone at $34,000... which if this is the case, would push us down and below our symmetrical triangle, to which the lower target is $27,000.... I prefer the former (bullish bias). Please be cautious, and don't jump into any trades unless they have been confirmed by volume, and a retest of the breakout line!
by Tuned_Official
1
GOLD TWO options for price movementDuring the last week, the price has been moving within a small zone along the level of 1847.33, showing neither a strong rise or fall. Uncertainty in the movement of gold prices gives us two options for the development of events. First option. The price starts to rise and breaks through the strong resistance line at 1871.46. After that, it is fixed on it and continues to grow to the resistance zone 1953.66. Second option. The price also starts to grow, but cannot break through the resistance line and the level, it will bounce off them in the area of ​​1877.27 and fall to the support level of 1794.17. And only after that it will show a new growth and come to the resistance line 1888.87. To summarize, the most important indicator of price movement will be a breakout of a strong resistance line. It has existed since May 2019. Important! First, we need to wait for a specific price movement, understand which of the options it will move, and then we can enter into a buy trade. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSD
by Lingrid
18
ADBE - 2 way this could play outWe have 2 possiblities here. Either we are in a complex WXY correction which would then take price towards 415 i n a corrective fashion similar to the dotted line drawing. or we are finishing a Flat corrective wave 2 pattern in which case price should remain above the invalidation level at 439 . The usual termination point for wave (C) of a Flat pattern is the 100% and 127.2% projection of wave (A) from (B) but the 127.2% level would be below the invalidation level, therefore we can discard it for this setup. 100% level comes at 451, which is also the 78.6% retracement level of wave 1, known also as the last line of defense for bulls. So, price needs to ideally remain above that level if we are to see higher prices. Note also that any move above 505 even before touching the 451 level should be considered as a big bullish indication!
NASDAQ:ADBE
by ElliottWaveBelgium