Double Top Pattern Expressed in $HMY
Previous expectation of trend reversal did not come as soon as initially expected. This time, a pattern of double top with a potential shoulder is prevalent in the charts. There is also a possibility of another reversal to trace another right shoulder before entering a downtrend. Same expectations as the previous idea, except this time the SHORT position is extended longer into the month of May around the 17th. $HMY must break below the support target of $3.40 in order to enter the position .
The slope of the short position projection can vary in a wide variety anywhere along the blue dashed arrowed blue line. As like before, the target BTC is still $2.00.
The slope of the short position projection can vary in a wide variety anywhere along the blue dashed arrowed blue line. As like before, the target BTC is still $2.00.
Trade active:
Short: $3.37 making progress on blue projection.
Comment:
Getting choppy. Expect choppiness for next few weeks to months. FED interest hike speculation all around. An interest rate hike could promote a sell off in Gold, but if it stalls another quarter it gets closer and closer to elections. We shall see.
Eyes on. Fingers on the the ripcord as we parachute down.