In the middle of the range, and at a level that has held support on many different occasions over the past few years...
The 0.618 Fib level of the Covid low-high move, around $1680.
I want to be bullish, I'm leaning bullish...
However, I'm not confident enough to make a call here.
Regardless of the direction, everyone should have physical metals in this insano world.
Back to the chart.... I could see either scenario playing out.
If the 0.618 Fib & trigger line of the orange fork holds support at 1680ish... I'll be patient and look to get long once the chart confirms.
If the 0.618 fib & trigger line of the orange fork does not hold at 1680ish.... I won't short it, but I would think it gets back down to the Covid low around $1450.
I'm looking to see which fork manages to hold price.
It's tricky, so manage your risk accordingly if you're getting short or long here.
your upside fork uses an unestablished pivot, therefor not reliable.cheers and good luck
Cousin_Fat_Fat
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@BijouBaby, Thanks? I guess? But you clearly don't know what you're talking about.... Gold is actually in the perfect position for a long using the median line trading method. The "C" pivot of a NEW fork is ALWAYS unestablished. The system is designed with that in mind, as the parallel that originates from that pivot is going to be your entry signal on a retest and move back towards the median line. The "C" pivot is going to be just above a stop loss. You are misusing SCHIFF forks on nearly all of your ideas... by the way ... it's spelt "Schiff" not "Shiff".... Named after Jerome Schiff.... one of Dr. Andrews students, that you probably have no idea about. You haven't read 400+ pages on this subject, you haven't watched students of Dr. Andrews use this trading method... You have ideas where you recommend longs entries in the middle of the range within a fork... Totally clueless.
BijouBaby
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@Cousin_Fat_Fat, learn to use forks, or dont, who cares! lol cheers!
Cousin_Fat_Fat
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@BijouBaby, I feel bad for you.... I mean just look at this..... By the way... this low was also "Unestablished".... But you don't know what you're doing in the first place.... so yeah cheers!
Great_Reset_Investing
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@Cousin_Fat_Fat, he's right until this line breaks that's not a swing low , u can't even use it on the weekly cos the move is mid flow, this is all u need to do - it's bottoming
@Cousin_Fat_Fat, We're in almost the same exact position as what Timothy Morge goes through in this video. A little earlier, but pretty much the same. Again, IF AND ONLY IF the ascending fork's lower parallel holds... technically you could long with a stop below the "C" pivot. OR wait for another retest of the lower parallel and put your stop below this past week's candle. If it doesn't hold the ascending fork's "C" parallel; price will stay stuck within the descending fork.... that's why they are both on the chart. To show the potential direction depending on which fork holds... So far we wicked on the weekly to stay within the ascending fork. That's a start. I didn't say LONG HERE, I said watch this parallel to see if it holds, see if it gets retested, then you can go long a textbook median line trade....