zakharsmirnoff

Three Buddhas on a Kagi chart

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
As you can see, TVC:GOLD formed a very rare yet really strong pattern called ‘Three Buddhas’. This pattern is similar but identical to the western ‘Head and Shoulders’. Notice how the third Buddha’s leg is breaking two resistance (waists in Kagi terminology). Considering the high price of the precious metal now, it could be a reversal point since the chart has already turned red. Renko chart is also showing the first red brick in the series, so better short now.
Trade active: Similar, but not identical*

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