Bullish wedge top (white TL) also coincides with yellow mid line of volatility band and red/orange daily line.
GU will confirm bullish trend IFF it manages to stay above those levels and break out from the wedge with impulse move. If it looks like a break out but not on impulse candles, chances are GU will drop back down.
Either way, for initial targets, we are looking at:
TP1: 6130 and TP2: 6225, TP3: anywhere within the rectangle (MPP, WPR2, fib extension level...) which is the DiNapoli K-are r confluence zone of fib retrace levels 38.2% and 61.8% from 2 different fib structures.
Best entry point was yesterday unfortunately from the M15 chart. If this burgeoning bull reversal doesn't reach targets today, then wait for a pullback possibly to the YPP (gold line @ 5987) to enter long.
Comments
eXcess0070
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how do you understand all of that?, doesn't make any sense having so many indicator ploted in the same chart doesn't give you alot of diferent signals?
isomorph
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it's like playing a video game. in fact, 1st person shooters have a lot more visual density than this. so for me it's not a big deal to see what is what. also, remember that you don't need everything switched on at all times. that's what the hide/show icon is for. you can safely turn off all fib levels and it will make the chart clearer. i forgot to do that, but usually don't have them turned on when trading.
also, the chart on this page is compressed slightly--you gotta view it in full screen mode on a high-res monitor and adjust x- and y- axis stretch accordingly, then it becomes much easier on the eyes.
so for the purposes of publishing the idea, i turned on as many as studies i thought fit--i don't want to do what some people do, ie publish a chart with some prediction but no technical justification whatsoever except for a meaningless Stoch or RSI reading.
the bottom study can be turned off too as it is really not necessary, just nice to confirm bottoms as you can see from the chart. Blau's SMIIO can go too. I keep forgetting deleting it.
basically TDIm, SB, and a few studies showing key levels in overlay mode is what I use and I toggle on/off some of them. Pivots stay on all the time as pivots are critical as are TLs and S/R lines.
eXcess0070
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hahaha your reply made me play Counter strike again, I just installed it... xD amazing how pple doesn't learn how to play properly even now -_-u
and well, I prefere price action only, and I add an stochastic just to find over bought - over sold conditions. my believes are, "THE SIMPLEST THE BETTER" but thats my opinion only. I also Like harmonic advanced patterns, but never actually got in without confirmation of structure and candle sticks patterns as my entry signal.