before we start, in order to understand the bold red line crossing this chart, please click & play the following structure:
Yes! Price dived right into the upper bold red line of the structure where it seems to have stopped now.
As you can see A ends the Bull Run commenced on Aug 16, 2018 before diving right into the upper bold red line of the structure.
The two SMAs cross exactly at 15:00 of last Thursday when price made the "cone up" in the circle.
may be a completed and price may be entering a complex correction period running between D and C with multiple crossings of the two SMAs for weeks. On the other hand it may also keep fallin' well below D depending on external market factors.
TO NOTE that price is just below 1.300 which represents an important psicological level.
However, in view of all the above I am not trading the bounce, nor the continuation of the fall. The move to trade on Gold was last Friday and now it's just time to wait and see before thinking about the next trade.
Thank you for your support and for sharing your ideas.
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
- price travelled below 20SMA from 1304 to 1290;
- price have been oversold 5 times before crossing above the 20SMA;
- the crossing is made of 3 motive and 2 corrective;
- 20SMA now support at 1293 with 60SMA coming from above;
(a cross of the 60 may present an opportunity to get to 1300 again but 1300 could also be a good selling point depnding on how it moves)