Price wicked out and made a new HH during Fed Chair Powell Speech last Thursday. We have not fully rallied for the wick fill, so I believe price will drop to our golden eye level .500-.618 which is also recent resistance on our last HH.
Price is moving in an ascending channel as we reach the top of the channel, it matches a strong Monthly ZONE.
The zone is where the death cross happened which then signaled a bear market.
We are looking for possible UT, UTAD, Test. That will test the zone multiple times.
Gold breaking to high side or will it turn bearish.
Looking for Gold to put in a HL has it makes a double bottom on both trend line support but as well as horizontal support on higher time frames.
Looking for a possible break out of the market pattern to hit again last week weekly high.
Looking for price to pass TP1 so I can move stop loss to break even and...
Interested to see how my conflicting bias play out here. I see price is making LL+ LH, however based on wyckoff schematic is it possible we are seeing our LPS being place for a change of phase. We could be coming out of the accumlation phase and moving the the mark up phase.
However like I said we are trading LL +LH in a descending channel. Is it time to...