xauusd/gold channel, last leg to complete downcycle

if the large ABCDE to complete the sideways triangle is valid we are at the test of now, price has only ascended on news drive no endogenous bid fitting with the big triangle
one more leg to 1222's thru 1219's and we have a completed pattern for rotation 1450-1500's - breaking the roof of this channel (same in silver) will be a big bonus for longs

Comment:

the clear divergence of trader activity in the silver auction versus the gold auction when viewed thru the lower time frames (45m >1m bars) today keeps the sell active into news pendings, holding price sub 1279's into friday close substantially raises the odds the channel dominates and lower targets remain active (allowing for a short squeez which was already attempted yesterday but dominant trend holds structure - as it always does)

Comment:

while there's plenty of tiny bars to swing on the action of $silver and inability to get anymore upside momo in xauusd suggests the weak attempt at breaking the channel is almost exhausted and downside should resume very quickly regardless of all the posturing/hype

Comment:

15-05-19 the xauusd level price needs to beat to cull the downside is 1309's as that is the last decent ratio resistance, while i forced out of STO's into BTO's am now back in STO's today with 1310's as absolute level where my work says bids win the next major upleg....banging back thru 1280's would be a big tick in the sell column

Comment:

19-05-19 holding STO's for at least 1268's zone now the weekly bar printed big outside down signals we should expect a followthru to 1268's which as well as a bid level is a fib ratio level a break of that after a small attempt to rotate price will attract a fair amount of get-out momo, viewed thru latest COT commercials are lifting STO's while managers chased the fake braek of the descending wedge with BTO's