A potential Bullish Shark completion occurred at the current price level (circa 1240.40), with a possible 50% retracement to complete a 5-0.
I have left out the Shark's Zero-X-A-B-C reference points, pointing to 50% of last swing low to define the 5-0 pattern possible completion circa 1289.86 level.
Also left in the chart is the XAB triangle at the root of both patterns.
I have removed the recent Wolfe Waves ("WW") outline for simplicity reason, especially as this pattern because too tortuous to define. However, WW pattern traders will find it without too much difficulty, realizing that it completed a 5' ("five prime") validation right at the Shark's Point-C level as well.
OVERALL:
Above patterns favor reversal to the upside. While Gold's luster has been tarnished by persistent bearish pressure over time, the current technical-based rally may represent a respite rather than a reversal - Sort of a "Relief rally" of limited upside for the time being.
Here is a forecast posted a few months back ... Still valid per predictive/forecasting model
Cheers,
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
David, by looking at the DUST it's quiet possible for Gold to turn. DUST closed the gap but no sings of dropping further yet! Could also break 22 which would press Gold lower into the bullish gartley on daily. BTW - regarding 5-0 BC->D should not exceed 2.24?
4xForecaster
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@fximperija - Yes, DUST posted an early BULLISH market reversal sign, pending signal confirmation. I will build a chart to represent this with a brief technical synopsis and probability targets - David
fximperija
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Looking forward, mate :)
manijeh.kazemi.33
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David I really like the way you analysis the market thanks for helping me to learn
4xForecaster
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@Manijeh.kazemi.33 - Glad I am able to help out. I wish I had the help when I started out back in 1997, with the ease of access and freeware that is available nowadays - David Alcindor
Sokun
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Can u point me in a direction in to understanding your ways?
4xForecaster
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Lots of reading time, lots of observation time, and lots of pondering time. I have paid lessons, membership, private lessons, and combined with long academic career in visual arts, architecture and medicine. A lot of what I discovered was over unrelated matters or activities.
Best work is that of Connie Brown, CMT, as it encompasses a lot of the disciplines I use (geometry, numerology and creative analysis, looking deep into geometric correlations). There really is no well defined category of books giving a step-by-step approach to it.
It's sort of a random walk of the human mind down the not-so-random-walk of market prices - I am glad I have the time to devote to a lot of these abstractions.
All I can say is that the conventional teaching has become so institutionalized that algos are written with common patterns, standard Fibonacci values, and foreseeable behaviors in mind. In a way, brokerage firms that teach newbies how to trade using the "conventional ways" are in fact politely asking the new traders to pass their heads through the noose and pull on the lever.
Just my humble opinion, of course.
David
Sokun
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Gassho
4xForecaster
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Gassho?
Sokun
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Gassho means to put the hands together. It signifies the oneness of Buddha and all beings.