Thinking this is a valid Cypher, just learned the ratios 10 mins ago, and attempting to apply it, if it is invalid please let me know, but it corresponds to what I thought previously in regard to Gold's movement having formed a potential double top. There was a very bearish candlestick formed yesterday, and I will be looking to confirm negative movement after the uptrend support is broken. Expecting one more test of the weekly resistance line up to 1264 potentially though less likely 1268. if 1268 breaks to 1270 I would reverse position to for a bullish breakout. However looking for a rejection and movement back to the current level of 1253 to enter a swing position to 1156 with a stop of 1268.
If/once the 0.786 level is achieved I would look to reverse into a long position for a continuation of a longer term wedge formation.
The dollar looks like it will continue higher over the next week, potentially setting up the trade. Will be watching it as well for a break above the resistance of its current channel. Negative movement in the dollar relative to the break in support of the uptrend in gold would make me reconsider the position.
If/once the 0.786 level is achieved I would look to reverse into a long position for a continuation of a longer term wedge formation.
The dollar looks like it will continue higher over the next week, potentially setting up the trade. Will be watching it as well for a break above the resistance of its current channel. Negative movement in the dollar relative to the break in support of the uptrend in gold would make me reconsider the position.
Comment:
Advancing as anticipating watching for break above 1257, short will be entered with DGLD if/once a second rejection from the weekly resistance occurs.