There is the potential of a Harmonic shark Pattern forming on the 5 hour Gold chart
It is a variation of the traditional M and W patterns. The Shark pattern is made up of two separate price segments: on the one hand, an impulse wave that fails, and on the other, an impulse wave that reaches extreme levels.
There are traditionally two reversal D points ... an .886 XA retrace or a 1.13 XA extension. Both are marked as are some targets.
I have around $1770 as the former and $1743 as the latter.
I need to see this pattern evolve in other time frames and my oscillator roll up to commit funds at this point as well as a take out of the $1796 area; so I am NEUTRAL at present.
Holiday markets also in effect so there can be some volatility until Tuesday.
Not investment advice. Do your own due diligence.
S.
It is a variation of the traditional M and W patterns. The Shark pattern is made up of two separate price segments: on the one hand, an impulse wave that fails, and on the other, an impulse wave that reaches extreme levels.
There are traditionally two reversal D points ... an .886 XA retrace or a 1.13 XA extension. Both are marked as are some targets.
I have around $1770 as the former and $1743 as the latter.
I need to see this pattern evolve in other time frames and my oscillator roll up to commit funds at this point as well as a take out of the $1796 area; so I am NEUTRAL at present.
Holiday markets also in effect so there can be some volatility until Tuesday.
Not investment advice. Do your own due diligence.
S.
Comment:
Up to target 1 then collapse. Tough market. People selling winners to pay for losers.
Comment:
Returns to # 1reversal area.... beginning to be oversold