For those that understand Elliot Wave Theory, I'm sure you can tell what my short term & long term view is just from looking at this chart analysis. Short-term I am expecting a move back down towards 1807-1796 after we hit the resistance zone of 1852-1862. After that will we Gold prices drop lower or will it resume to the upside again? I have zoomed in on this...
Everything is on the chart. 🙂 🚀 Seems like TradingView wants me to write more about the idea.
we can see the copper in the monthly time frame that it has broken the triangle and is showing some bullish movement in the future we may face some small downtrend but on the general trend we can be more bullish on this commodity we have specified some levels of supply and demand where we can capitalize on this analysis can be very useful for the swing traders...
after the daily engulfing pattern we wait for a retracement to finish the inverse head and shoulders pattern that will target 61.8 or 76.4 % fibo level from last low to last high scored. risk to reward ratio is great we might look for another short from above since the weekly chart looks weak.