🥇Post is obviously an extension/update of my last post, if anyone wants to get a broader perspective I encourage you to read it. Link below:
🥇This time the legacy I'm playing out, I'll put it in closer perspective.
🥇But one step at a time.
🥇First, I have mapped out the uptrend channel. Of the current upward momentum. You can see that the channel was indeed very respected.
🥇Next, I plotted a fibo grid from bottom to top to find interesting levels
🥇I measured the previous downward wave using the fibo.
🥇I marked the current distribution zone.
🥇Based on the cluster of fibo levels and the fact that I do not expect a deep correction here (for more info I refer you to the previous post) I have marked a potential support zone.
🥇Based on the current peaks, the distribution level and the fact that the uptrend is not continuing today on gold, I have set a resistance zone.
🥇The scenario I am playing out is a descent to a support point.
🥇*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀