May I have a question: The right part of your picture is a little bit lower than the left part. If we assume symmetry they should be identical.
CitRoN_RouGe
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@fhsk2001, But the symmetry is tilted downwards, compare the high points on the left and on the right. I basicly tried to point this.
fhsk2001
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@CitRoN_RouGe, Yes, I noticed it. Do you think that the other patterns in future will be shifted downwards as well?
CitRoN_RouGe
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@fhsk2001, This year trend says so. Rise step by step and fall sharply... Why not one more time the same scenario?
fhsk2001
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@CitRoN_RouGe, Yes. It is possible. I have noticed something else meanwhile. You remember when gold hit the resistance of 1291 recently. To break it, it raised up about 20$ to about 1311, and after that it broke easily. Same happened long time ago during the former downtrend - gold hid EMA 200 daily support and tried to break it many times - finally it raised to 1358 and broke it with spike down. It seems to me now that gold will go to 1295-1299 area and will trey to break 1280 support, What do you think about that?
CitRoN_RouGe
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@fhsk2001, 1311 became a critical lower high point. As far price stays below this level, I prefer not to take long position. The tendency is downwards, and of course price will retrace upwards before making a bigger down spike. But be careful for a couple of days, this is end of month. Big investors may change their long positions to short, and suddenly we may see a sharp drop in prices or vice versa is also possible. For my part, I choose to stay at the short side for the time being. Betting on retracements might be very risky at this point.