Looking at longs on weekly from $30. Mid term moves would imply dollar strength with oil looking to fall further. Looking at Gold as well, we have reached a key daily resistance and Gold has the potential to move to $1000 to the downside.
Comments
Oh_If_Only
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I like your analysis ... a bit symmetrical, but very interesting. I will follow if you don't mind. I called it ST long on au.investing.com, but commented it needed to fill the 43.40 gap, which it did today. Now looking for 48.50-.70 but I could use your analysis for a bigger picture view. Nice work +1
DavidBelleFX
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@Oh_If_Only, thanks. On longer term timeframes the market operates in the same fear/greed cycles on uptrends and downtrends. You see relief and consolidation. It then begins to form technical patterns based on these sentiment based movements. If you use COT data as well as Wyckoff you can really catch trends and know what the market wants to do early.