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I would certainly be interested in any/all comments regarding this assessment. Thanks!
Bearish Gartley in progress. Daily chart shows pullback after recent 34ema/50ma cross to the upside.
An apparent diagonal suggests that we will be seeing a retracement move down in the near future. Looking for turn down on smaller TF (ex. 8/34 cross, etc) to trigger short. Will be looking to reenter long once pullback complete.
Large and small potential double top rejections. Looking for initial move to 1.53500 area, with potential for further decline should anticipated move down occur.
Some thoughts on where I believe Sugar may be headed.
The initial "1.13" setup may turn out to be continuation of the longer term move for the "W" formation. I have shown the "1.13" target levels to monitor initially.
Potential abc scenario looking for shorting opportunities enroute to break out from channel bottom and measured move.
A potential gartley from a different perspective.
The price action displayed can (I believe) be viewed from several different perspectives. I have outlined several for consideration. It appears we are very close to the moment of truth here, and that the market will have to tip its hand soon. Personally, basis the MAs at this juncture, I lean toward the short side until proven otherwise with a needed confirming...
I believe this apparent false break deserves consideration. We had a strong reversal on this bottom retest, and suggests to me that we may have a nice move to the upside ahead. This pair typically does well in concert with metals rallies which I currently anticipate to develop as time goes forward. This is something you may want to look into if it fits with your...
I couldn't help but notice the pattern having spent a lot of time looking for these in years past. Some may be familiar with these. For those who are not, there is info out there readily available. I would start with Jerry War's work which I followed closely.
Additional observation on Platinum.
I urge anyone who finds this of interest to be sure and do their own due diligence! This is NOT investment advice, merely a technical look at what may be an opportunity, As I highlight on the chart, for full disclosure I currently hold shares of Sibanye.
My take as a starting point for analysis.
This points out a higher anticipated target area for current rally to reach, then focusing on an opportunity for shorting into an 8/34 cross (or similar type cross of preference). This method simply makes the entry less subjective. It takes advantage of several favorable factors, one being confirmation (mas crossing), then shorting into strength (pullback)....
I offer this simply as a starting point for further scrutiny. :o)
I believe the chart comments best present my thoughts going forward. Note that this is a Monthly (longer term) chart. Shorter term chart(s) should be utilized for monitoring for confirmation.