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Tripletop

Gold Triple TopAnalyzing the monthly price chart, a significant pattern emerges - the Triple Top formation from 2020 till now. The Price Percentage Oscillator (PPO) and Traders' Dynamic Index (TDI) indicators further shed light on the situation. Here's my take on short-term and long-term price analysis and projection. The Triple Top pattern indicates three consecutive peaks at roughly the same price level, suggesting strong resistance. This suggests caution as it may signal a potential reversal or consolidation phase for Gold. The triple top pattern is a bearish reversal pattern that occurs when prices reach a high three times in a row, each time at a slightly lower level. This pattern suggests that the uptrend is losing momentum and that prices may be due for a correction. Looking at the PPO indicator, it shows a bearish divergence with the price, indicating weakening momentum. This supports the notion of a possible pullback or correction in the short term. The TDI indicator highlights a potential shift in market sentiment. The green RSI line has been in decline as price remained elevated and could imply a downtrend is forming. In the short term, given the Triple Top pattern and the bearish signals from PPO and TDI, Gold may experience a downward correction or consolidation phase. Support levels to watch include $1,700 and $1,600. In the long term, caution is warranted. If the Triple Top is confirmed, it may trigger a more significant trend reversal. Key support levels to monitor are $1,500 and $1,400, while resistance remains near $2,000. The short-term technical analysis suggests that gold prices may be due for a correction in the near future. However, the long-term technical analysis suggests that gold prices are still bullish and are expected to continue to rise in the years to come. Investors should consider taking profits in the short term and waiting for a better entry point in the long term. Please note that this analysis is based on technical factors and historical patterns, and it's essential to consider other factors and conduct further research before making investment decisions. Stay informed and adapt to changing market dynamics.
TVC:GOLDShort
by PrepForProfit
Triple Top or Triple Bottom?Technical Analysis: Triple Top: Line A - Line B Triple Top Possible: Line X - Line Y Confirmed Formations: Triple Top: A-B Up Trendline (-N-) break during wave (D) Bounce off trendline (-X-) at point (E). Notable Mentions: Trendline (-X-) is 23.6% Fibonacci retracement of 2020 lows to Jan 2022 Highs. Low volume at peak (C) Increased volume at point (E) to the downside Increased volume during the breakout to the downside of triple top A-B Triple top formed inside trendline (-A-) and (-B-) inside the 5min timeframe. The last wave in triple top A-B did not touch the top of trendline (-A-), some may see this as a failed double bottom or false breakout. We entered a possible triple top formation inside trendlines (-X-) and (-Y-). This may turn out to be a triple bottom. Confirmation is to be seen after a sustained penetration below trendline (-Y-) or above trendline (-X-). Bearish: Break and sustain under (-Y-) possible return move (G) and or reversal at point (G). Bullish: Break and sustain above trendline (-B-) from the A-B triple top and sustain above major uptrend line (-N-) Please feel free to give your input, I am in the process of learning Technical Analysis and it would be an honor to learn from you.
AMEX:SPY
by MrCarbides
1
EURUSD is falling with 🗻🗻🗻Triple Top Pattern🗻🗻🗻!!!EURUSD managed to form a 🗻🗻🗻 Triple Top pattern 🗻🗻🗻. EURUSD is currently completing the pullback . I expect EURUSD to drop to the next 🟢 support zone($ 1.076-$ 1.0712) 🟢 after completing the pullback to the 🔴 resistance zone($1.095-$ 1.0915) 🔴 and the neckline. 🔅Euro/U.S.Dollar Analyze ( EURUSD ), 4-hour time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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by pejman_zwin
15
Gold Bugs Squished?I've been talking about Gold COMEX:GC1! hitting a major high for my last two Livestreams (catch them Friday at 4pm Eastern after the market close). The current price action warrants a standalone post. Each Livestream for many months has had at least one person ask what I thought about Gold. It was very simple: Gold was trending UP to test the major Monthly highs. In many of my social market chats about two weeks ago my gold bug friends began getting very excited. I urged caution. Price MUST break the high and confirm the breakout before getting long at this major Resistance Level. Now it looks as of gold price is respecting this monthly high from the last few years. To be contrarian I had to short Gold (using AMEX:GLD ) based upon a Spike setup from Friday May 5th's high. Last week price pulled back and "should have gone" to retest and break the high. It did not and returned back inside the range. This sets up a short. I also know from taking market sentiment that a lot of traders may have gotten a bit overly optimistic. This could setup for a good pullback to at least the 1850 Level.
COMEX:GC1!Short
by norok
1
GOLD | XAUUSD | DECRYPTERS HI people Welcome to Team Decrypters GOLD FORECAST / GOLD PLAN (OVER ALL SHORT PLAN ):- We Are Expecting Reversal in GOLD SOON RETRACEMENT TILL :- 1960 AREA & 1870 AREA IF we go up first and than come down SURELY we going For Deep Retracement * * News will Come later to support My IDEA * * Note:- Even if we hit ATH like 2100 $ $ level , we will expect same Targets (WE ALSO LOOKING TO BUY RETRACEMENT UNTILL 1 MORE UP OR ATH ) What ever comes first we play it REMEMBER THIS IS TRADING PLAND NOT TRADING SETUP TRADING SETUP ONLY INITIATED ONCE YOU FIND "CONFIRMATIONS"
OANDA:XAUUSDShort
by DECRYPTERS
1
📉 4 Common Bearish PatternsIn trading, a bearish pattern is a technical chart pattern that indicates a potential trend reversal from an uptrend to a downtrend. These patterns are characterized by a series of price movements that signal a bearish sentiment among traders. 📍Bear Flag 🔸 A small rectangular pattern that slopes against the preceding trend 🔸 Forms after a rapid price decline (flagpole) 🔸 The pattern is completed when the price breaks below the lower trend line of the flag 📍Descending Triangle 🔸 A bearish continuation pattern that forms with a horizontal support line and a descending trendline 🔸 Forms as the price reaches lower highs, while the lows remain at the same level 🔸 The pattern is completed when the price breaks below the horizontal support line 📍Rising Wedge 🔸 A bearish reversal pattern that forms with a series of higher highs and higher lows 🔸 The pattern forms as the price moves up in a narrowing range 🔸 The pattern is completed when the price breaks below the lower trendline 📍Triple Top 🔸 A bearish reversal pattern that forms with three peaks at the same price level 🔸 The pattern forms as the price reaches resistance at the same level multiple times 🔸 The pattern is completed when the price breaks below the support level, which connects the lows between the peaks 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
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