SL: 6.50, If cracks uptrend = SOC
Ghost Pattern of the previous pump and dumps due to news. Major Support at 7$~. KNDI does have potential since they're accepting orders from the USA.
*Ghost Pattern magnitude does not equates to future price magnitude*
Confirmation would be bouncing up to 1502 then back down to 1500-1498 area. We bounced and retested the trendline from June.
Entry: Flag Mark
SL: Price Tag
DetectivePikachu is not responsible for any of your losses, this is for my own personal idea.
My Hypothesis of it going down to 1400/1440 is because of my Gap Fill Hypothesis and COT was net short at -324k = It's the 2nd most net short position... they ever had!. Now it's 323k because they net longed about 1k at 1546, which caused the gold prices to drop. Commercials think the price is overvalued.
COT: Commercials are starting to Net Long and Funds are...
It created an inside weekly on last week's close. That's what it did for the May Pullback.
So my conclusion is that it'll go up to 2940~ to test the trend line and bounce at 2800~ to test the trend from 2740.
Long Entry: 2800
Stop Loss: 2740
TP #1 : 2900/2880
TP #2 : 2960/3000
TP #3: 3040/3100
Short Entry: 2945
Stop Loss: 2960
TP #1: 2880/2900
Since gold likes to fill all the gaps before breaking out. That's what happened for the previous breakouts too. White Circle on the Charts, would be the gaps that I'm talking about.
Gap Fill Hypothesis: 1454 ---> 1449.3 ---> 1435.2 ---> 1423 ---> 1418.9 ---> 1416.7 ---> 1460; Look on 5 minutes chart. Couldn't post a 5 min chart on tradingview. Gold gapped filled...
TG 1460-1480, Incase it undershoots/overshoots. Right Peak to Bottom is 41~ Pts + Breakout Level 1427 + 41 = 1468
Gaps @1420, 1422, 1424
It's currently in a bullish biased, Ascending Triangle/Pennant. If it breaks through 1422~ = Potential Breakout to 1427 due to former top of last run. If we break through that, TG would be 1438 from the current high. If it does...
Cup & Handle is Developing and is about to get confirmed.
The Top Right Peak is 1441
The Low of the Cup is 1384.7
If 1441-1384.7 = 56.3 Points.
To Calculate the Handle, Max Drop is 56.4 / 2 = 28.2
1441 - 28.2 = 1412.7.
In which, It did hit that number then bounced back up.
Breakout Level is usually Breakout Level ( 1441 ) + The Cup's Point Range ( 56.4...