The two harmonic patterns confluence zone near 114$, along with the downtrend line, sent $GLD below the C level of both the Gartley (red) and the Butterfly (blue) patterns.
The price also broke below the trading channel's bottom, signaling that it may continue lower.
The next potential reversal zone.. and perhaps a longer term bullish reversal in $GLD.. is near 100$, that besides being an important psychological zone, it is also the completion zone of the bullish AB=CD pattern (weekly)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TTPQ8T
To subscribe to the newsletters - goo.gl/JfOLoR
The price also broke below the trading channel's bottom, signaling that it may continue lower.
The next potential reversal zone.. and perhaps a longer term bullish reversal in $GLD.. is near 100$, that besides being an important psychological zone, it is also the completion zone of the bullish AB=CD pattern (weekly)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TTPQ8T
To subscribe to the newsletters - goo.gl/JfOLoR
Trade closed: target reached
