GOLD is Screaming "BUY ME!!!" - Here is How to Take Advantage
Price, time, and patience is the way to gain clarity in the market. Gold whipsawing price action has caused me to establish an alternative "bearish" bias, especially the last Friday sell-off.
However, the current price action and movement during this week are showing a new pattern and increasing my confidence for the bulls!
Price is making a 1-2, (i)-(ii) pattern which is an indication for an extended wave 3 (mean a sharp rally is underway).
The previous wave 2 corrective structure unfolded as an expanded flat and retraced 78.6% of wave 1. The current wave (ii) of (iii) of 3 is correction is also unfolding as an expanded flat, and it will most likely be terminated at 78.6% retracement of wave (i). As you can see from the chart, that level lined up with 3rd bounce of ascending trendline and blue zone.
HISTORY LESSONS
"History Does Sometimes Repeat Itself! And Those Who Do Not Learn History Are Doomed To Repeat It."
Repeat it in the sense that, you can either take advantage of the opportunity or missed out on the new rally.
For confirmation & conservative entry, wait for the price to breach the green line after the price has already dipped down to the blue zone.
See related link for Higher Time Frame analysis.
What's your thought about Gold, bullish or bearish?
Best of luck on the chart!
Veejahbee.
However, the current price action and movement during this week are showing a new pattern and increasing my confidence for the bulls!
Price is making a 1-2, (i)-(ii) pattern which is an indication for an extended wave 3 (mean a sharp rally is underway).
The previous wave 2 corrective structure unfolded as an expanded flat and retraced 78.6% of wave 1. The current wave (ii) of (iii) of 3 is correction is also unfolding as an expanded flat, and it will most likely be terminated at 78.6% retracement of wave (i). As you can see from the chart, that level lined up with 3rd bounce of ascending trendline and blue zone.
HISTORY LESSONS
"History Does Sometimes Repeat Itself! And Those Who Do Not Learn History Are Doomed To Repeat It."
Repeat it in the sense that, you can either take advantage of the opportunity or missed out on the new rally.
For confirmation & conservative entry, wait for the price to breach the green line after the price has already dipped down to the blue zone.
See related link for Higher Time Frame analysis.
What's your thought about Gold, bullish or bearish?
Best of luck on the chart!
Veejahbee.
