Wedge in a wedge. Breakout of the inside wedge is really irrelevant to me, just found it interesting how coiled price is getting. Looking to play the break either way. Best guess is a false breakout that will fail around the outer wedge apex. I think it ultimately continues lower but will be watching with an open mind.
Here is a look at gold using the GLD etf (previously posted one of XAUUSD). GLD is setting up very similarly to how it did in June of last year before running up more. Break out of the wedge to form a little handle at previous highs. Wouldn't be surprised to see another gap & go towards the 0.618 retracement.