Today i want to be talking about a pattern that me and some colleagues and I have been discussing over the last couple of weeks.
We decided not to share this pattern yet because it was still in the very early stages of forming but since our last weekly close things are starting to get more in favour of this pattern.
The pattern we are talking about is of course the pattern.
For the ones not familiar with the pattern, Google it.
The pattern is one of the more reliable patterns we use while using patterns in our trading plan.
Our last analyses using this pattern was when Gold went crazy and decided to reverse the trend completely from our signalled long. If you want to check that out we will include it in the related idea's.
A WEEKLY CLOSURE ABOVE 12K WILL GET US TO ATH!!
And here is why:
We are currently bouncing of from the 100 and the 50MA on the weekly, which indicates that there is a lot of trust in the market.
The only thing standing in our way to 10K as of now is the 200 daily MA which is still telling us that there is a bearish trend on the daily.
So if 9K and therefore the 200MA does not break, this analyses will be invalid.
If we manage to test 10K rather soon, then we will have a chance at creating an on the weekly (and Daily) With a neckline sitting around the 10K area.
The target of this inverse head and shoulders would be anything around 13K, breaking our 12K target.
As soon as we see a weekly candle close above 12K then the pattern is active and should bring us all the way to 20/21K and break our all time high!
Ofcourse there are a lot of if's in the markets as of right now, but that is because we are very early with this prediction. So just follow the plan en lets see what happens.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!