Reviewing Gold on Weekly Time Frame using Simple AB=CD Pattern

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Hi, I made a look back since 10 years ago on gold on a weekly time frame.

I found an amazing pattern yet simple pattern ( AB=CD ) and using fibo level to determine entry level.

Trend 1 ( Bullish ) : October 2008 to August 2011
Trend 2 ( Bearish ): September 2011 to December 2015
Trend 3 ( Bullish ) : January 2016 to present

With help of the fibonacci extension level, the zone between 1.217 and 1.618 is the optimal point where the market reverses its trend. (see chart above)

What does it mean? Applying the same strategy, we can see that the current price range (i.e. 1525 to 1635) is within 1.217 and 1.618 fibo level.

Based on this analysis, I believe the gold will reverse it trend before continuing the next bullish cycle.

Look for opportunity to short the market and ride the downtrend.

If this analysis helps you, please hit the "Like" and share to help others as well.

Please leave your comments below or send me a message.
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