Similar patterns in totally unrelated charts - second try
Sorry folks, I wanted to publish a double chart layout with two instruments one on top the other, but the first attempts was not good ) So here is the second try. Sorry for the inconvenience.
Good morning,
I wanted to share with you a couple of charts totally unrelated to each other but having developed a correction in a very similar way. This is Gold/USD on weekly and USDCAD on 4H.
They both have an ABC correction (we know that for sure for USDCAD since it's already over and suspect that for Gold).
The correction developed in a strikingly similar way, and it will be therefore interesting to see if the future development in Gold will be similar to USDCAD. The CAD retraced 0.618 of the correction thereafter, so why not Gold do the same?
I have two targets for the now emerging upward movement in Gold: either 0.382 or 0.618 retracement of the downtrend. I don't know where exactly we will land in this, but I certainly expect some very good advance up from here.
Good morning,
I wanted to share with you a couple of charts totally unrelated to each other but having developed a correction in a very similar way. This is Gold/USD on weekly and USDCAD on 4H.
They both have an ABC correction (we know that for sure for USDCAD since it's already over and suspect that for Gold).
The correction developed in a strikingly similar way, and it will be therefore interesting to see if the future development in Gold will be similar to USDCAD. The CAD retraced 0.618 of the correction thereafter, so why not Gold do the same?
I have two targets for the now emerging upward movement in Gold: either 0.382 or 0.618 retracement of the downtrend. I don't know where exactly we will land in this, but I certainly expect some very good advance up from here.