Keep in mind the 2K dream maybe will never come
Gold should give a second chance for buyers to get inside. Retest can be anywhe from 1822 - 1815. SL should be 1802 - Last touch of this beautiful and classic Spring, TP can be easily at 1871, TP2 1880 and TP3 1900. Green Week ahead.
a BREAK of the trendline must come this week. Break of the trend line = next support at 1855-1844, maybe even a 40 to clean up all the buyers, and continue up to 1951. In case the 1951 comes before the trendline is broken, we must expect a huge short, even considering 1800 zone again.
Looking for a classical move inside the market- price action.
I will be looking this Monday for a long term short opportunity as I believe we are going down. Trend has been down since August - I do not see why this trend would change now. In fact I believe gold must go lower to be able to get in a new bull trend.
This is how I think chart will look next hours by the use of a Gartely pattern. They are not random numbers, but fib numbers which reversion could happen.
The Deep Crab pattern is the combination of a Bat pattern and Crab pattern. .The difference can be found at the B point which must be an 0.886 retracement. In the last chart, I said there were two patterns happening in the same time: crab vs H&S. After the H&S won against my last Crab - I have to finish my trade with only my first profit. I have been looking...
XA = 1864 -1825 After the XA leg in price, the point B is a retracement of between 38.2% up to 61.8%. In this case, A was a perfect hit with AB to 1825 - 1840; This retracement of XA should ideally be less than 61.8% - exactly what we have here today with retracement around 40%. Following point B, the next leg, BC can run up to 38.2% – 88.6% Fib ratios of the AB...