On this chart you I am using the builtin "MA Exp Ribbon" indicator found on the Tradingview Toolbar
and "Bars Pattern" Drawing Tool.
I find it ironic the years are transposed 2 and 1 for those into numerology ... 2021 vs 2012 ...
but looking at the monthly chart we can see the pattern (ghost bars) cloned from
2012 to 2014 looks like a perfect match.
Forecast/Bar Clone is laid over a Fib Retracement to show potential levels of .
Based on the Fib levels, can see the following possible forecast:
- a possible bounce from 0.50 Fib level of $1617
- back to 0.78 Fib $1883 ( est Sept 2021)
- then descending down into 0.23 Fib $1300 est . Nov 2021.
Not financial advice, etc... purely speculative idea of possibly playout.
Best of luck guys.
THe cup has formed over the last 10 years and is complete. THe handle is completing now. the handle depth is roughly 33% sometimes to 38.2 retrace. Right now it is a perfect retrace to 38.2. The breakout confirmation is above $1850. Minimum price target of the pattern is $2850.
Gold hit the Fib retracement perfectly yesterday, within $5 of the low. It is time to buy. Only suckers are shorting down here.