If I was stupid enough to scalp gold, I do this trade now.
INV HNS (bullish head and shoulders) when price brakes above 1740.
Target: $1789
Support: 1713-1722
Of course, if we go to $1789, we might as well go for $1813.
Which brings us to the topside of the bull flag, which would be nice.
Why...
-2x Strong Reversal divergence on the 4hr mainly.
-This looks like we are currently on wave 3 of 5 on the 4hr.
-RSI broke daily resistance channel
-Daily engulfing candle followed by inverted hammer.
- On the Weekly, we are on the 5th wave of 5. And still inside the channel. Doesn’t mean we hit the bottom, but so far all waves remain inside the channel, which is a good sign, after all, the channel is a bull flag.
- so what I’m really saying is that this point has a good chance to rally higher, and has the potential to end the correction. I’m only about 50/50. But would love to buy a little more right now for this.
Otherwise if 1713 breaks, 1680 the target
It is still very possibile for double bottom or even lower buy in price, but a break above $1740, has the potential to make for a very powerful V bottom on the weekly.
INV HNS (bullish head and shoulders) when price brakes above 1740.
Target: $1789
Support: 1713-1722
Of course, if we go to $1789, we might as well go for $1813.
Which brings us to the topside of the bull flag, which would be nice.
Why...
-2x Strong Reversal divergence on the 4hr mainly.
-This looks like we are currently on wave 3 of 5 on the 4hr.
-RSI broke daily resistance channel
-Daily engulfing candle followed by inverted hammer.
- On the Weekly, we are on the 5th wave of 5. And still inside the channel. Doesn’t mean we hit the bottom, but so far all waves remain inside the channel, which is a good sign, after all, the channel is a bull flag.
- so what I’m really saying is that this point has a good chance to rally higher, and has the potential to end the correction. I’m only about 50/50. But would love to buy a little more right now for this.
Otherwise if 1713 breaks, 1680 the target
It is still very possibile for double bottom or even lower buy in price, but a break above $1740, has the potential to make for a very powerful V bottom on the weekly.
