Longer term is bullish on gc but for the next few weeks it will probably consolidate in the direction of the pitchfork median.
It actually has just completed an ABC pattern after a 5 wave elliot impulse but it looks like it's still too early for it to go shooting to the moon. It is making a triangle on the tops of the day candle wicks and I am looking for this to eventually tag the 1454 area of the recent wave 3.
That would help to fill in the volume profile and give it a base to the form a 1 wave of the next 5 wave impulse upward.
When it gets to the pitchfork median line I will be very bullish. Until then I will be trading it intraday with a bias for chop.
It actually has just completed an ABC pattern after a 5 wave elliot impulse but it looks like it's still too early for it to go shooting to the moon. It is making a triangle on the tops of the day candle wicks and I am looking for this to eventually tag the 1454 area of the recent wave 3.
That would help to fill in the volume profile and give it a base to the form a 1 wave of the next 5 wave impulse upward.
When it gets to the pitchfork median line I will be very bullish. Until then I will be trading it intraday with a bias for chop.
Comment:
Flat bottom on the triangle is bearish but overall I think the fact that its support is the wave 3 peak means that it should find good support there. If it dips past the wave 3 peak I would be looking to be aggressively long on green days.