GOLD on the weekly chart..
A mega cup that originated from 2012 where when the rim of the cup was made the course had broken out immediately. This movement ensured that a high maar-shaped pennant formation was arranged and can / may be seen as the handle of the cup. The return after the breakout is an ideal 1/3, measured from the bottom of the cup to the highest point. The pennant breakout happened recently and gave the opportunity to take long positions or to increase the position. However, there may still be a good entry point if the pennant's resistance line is going to be tested again.
On the day and 4 hour chart, therefore, a Fibonacci retracement has been drawn in the latest uptrend and the comeback falls towards the golden pocket zone as on the support previous resistance line of the pennant.
Other agreements/formations in the pennant.
I notice that in the formation there is still a nice W pattern in development, the left one has a V formation (Adam) and the designed one is a bit rounder (Eve) and shows a 3 double bullish bottom on the day (why a triple bottom and not a head and shoulder pattern, for me it lies in the fact that the right shoulder is larger).
All of this coincides with the fact that when placed the fibonacci retracement returns to the well-known gold pocket fib. 0618 ~ 0.65 is also the neckline of the W pattern. So in order to continue Bullish, it is in my view that this red line will become and preferably also be tested in order to continue. I expect some resistance there too.
If we look at the price target ... both the cup n handle and the pennant with pole are about in the same line of expectation. Another fun fact is that recently November 17th there was a golden cross on the day* chart i.e. the 50 day (exp) moving average* crosses the 200 day (exp) moving average* this more or less indicates that the long-term trend is upward.
on the day
on the 4 hours zoomed in on last month
as described above it would be nice to do another re-test on the pennant support-formerly resistance line. I am not yet a star in the Diamond patterns (trend reversal pattern) but I think this could be/become one. hence also the symmetrical triangle drawn in on the wicks. I'm curious how the price will develop.
don't expect such a price increase in the short term.. if I take a "rough" look, a cup has also formed from '97 to '03 and the price target has taken 3 years. once again, it was roughly looked.
Keep calm, trade safe and manage your risk.
(Disclaimer: this is not a financial advice
On the day and 4 hour chart, therefore, a Fibonacci retracement has been drawn in the latest uptrend and the comeback falls towards the golden pocket zone as on the support previous resistance line of the pennant.
Other agreements/formations in the pennant.
I notice that in the formation there is still a nice W pattern in development, the left one has a V formation (Adam) and the designed one is a bit rounder (Eve) and shows a 3 double bullish bottom on the day (why a triple bottom and not a head and shoulder pattern, for me it lies in the fact that the right shoulder is larger).
All of this coincides with the fact that when placed the fibonacci retracement returns to the well-known gold pocket fib. 0618 ~ 0.65 is also the neckline of the W pattern. So in order to continue Bullish, it is in my view that this red line will become and preferably also be tested in order to continue. I expect some resistance there too.
If we look at the price target ... both the cup n handle and the pennant with pole are about in the same line of expectation. Another fun fact is that recently November 17th there was a golden cross on the day* chart i.e. the 50 day (exp) moving average* crosses the 200 day (exp) moving average* this more or less indicates that the long-term trend is upward.
on the day
don't expect such a price increase in the short term.. if I take a "rough" look, a cup has also formed from '97 to '03 and the price target has taken 3 years. once again, it was roughly looked.
Keep calm, trade safe and manage your risk.
(Disclaimer: this is not a financial advice
Tims.Technische.Analyse by TIMTIBBO
