Gold's Correction Before The Next Impulse Wave To 2100 - 2150
Let's face it. Gold is not slowing anytime soon. If it was going to have a major pullback, we would have seen it a long time ago. It's currently in the resting phase. It sold a lot and very quickly. Look for gold to take a little break this week. Slowly hitting many the stair steps that it did on its way up the same way back down.
Currently forming a descending channel that coincides with the bullish support/resistance lines during the last major impulse. I would expect the next major reaction to happen later in the week where that descending channel meets the resistance turned support line from the ascending channel. That area is also where the first small pullback after the impulse broke the ascending wedge (You can find the small impulse marked by the golden horizontal rays in the 30 minute chart, defined a little better if you check the 15 minute chart) .
There are a lot imbalances that need to be filled from that impulse. They will happen on the way back down to the next buy zone. around 1990 - 2000.
Some divergence already forming signaling a small sign of strength. I would expect more as time goes on.
P.S. The golden dotted line at 2010 is an alert for myself crossing down. Not a major indicator on the chart. Just thought I would clarify.
Currently forming a descending channel that coincides with the bullish support/resistance lines during the last major impulse. I would expect the next major reaction to happen later in the week where that descending channel meets the resistance turned support line from the ascending channel. That area is also where the first small pullback after the impulse broke the ascending wedge (You can find the small impulse marked by the golden horizontal rays in the 30 minute chart, defined a little better if you check the 15 minute chart) .
There are a lot imbalances that need to be filled from that impulse. They will happen on the way back down to the next buy zone. around 1990 - 2000.
Some divergence already forming signaling a small sign of strength. I would expect more as time goes on.
P.S. The golden dotted line at 2010 is an alert for myself crossing down. Not a major indicator on the chart. Just thought I would clarify.
Comment:
A little bit of a better look.
Trade closed: stop reached:
Seems I spoke too seeon and we're finally seeing that pullback... or reversal?
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
"where that descending channel meets the resistance turned support line from the ascending *wedge*"