The red downward trend seems to have ended. As seen on the chart a new channel with the solid green line has formed. The true value of gold right now is at about 1150-1200 in my opinion (if we trust inflation indicators). After the bear market following the last boom of gold we are finally seeing some higher lows. The forming channel is going towards the sacred...
Gold meets a very important daily resistance level at 1240. Successfully breaking the level and retesting it is most likely going to be the beginning of an upward trend. Fundamental analysis makes me think we are in a bullish gold market already which means that a failure to break the 1240 level could result in a double bottom pattern and break out eventually.
U see what u see. Gartley butterflies bats all there. Limit orders used as entries of these potential bad boys are prefered since they kill all the emotions durring the entry process. Fucking it up because of overthingking and feels is always bad.
MY OPINION :)
Zooming in would be useful in this one. First, starting from the biggest one which is a possible bat pattern. It's time frame is daily but I decided to include it in the 4h chart idea. 2nd is the Green Gartley pattern mesured by 1.27AB expansion D point. The other 2 patterns are gartleys as well mesured the same way. Entries are represented by the horisontal lines...
1 Bearish pattern right on a structure level and two bullish patterns which are probably getting invalidated but i still want to include them in this idea so you guys can see them - a bat pattern and a gartley pattern. Soo we are waiting to see what the price does.
Everything aligning around the structure level and the Cypher pattern. The Gartley pattern is with 1.27AB ext. D point which so far does amazing job. Everything else is on the chart. Entering in the blue window. Have fun.
A couple of possible patterns. Green Batman pattern, Blue Gartley and another Batman pattern this time in red (its almost on .618 but hasnt quite touched it yet so its still a bat). The bearish patterns have structure just on their D point which is another reason to trade them. HARMONICS ARE BEAUTIFUL
So the blue resistance is above the bat completion and if we have a trend continuation (BEAAARISH) we shall bounce off that resistance. So if it reverses and enters the zone place stops below it to secure some pips. If we get a bounce short positions will be a fact.
So, fellas, the blue rectangle represents a pretty strong resistance for todays price action. The level has been tested quite lot and we have a lack of price momentum right in that exact area. Further price decline will form a gartley pattern since the .618 level is around that resistance level I was talking about. Shorting now is an option. I would personally...
We are getting close to a Batman pattern completion but meanwhile check out the history for 2 years.
5. And now a big Batman's near completion.
The one with the lowest X is a bat which is devolping. Then it's the purple bat which just completed. Then its a butterfly completin at the same level. It would contonue the downtrend to complete a daily gartley after a retracement cause of all of these patterns :)
I personally wait for point D to be reached. The pattern has hit 2 PRZ level though. And considering the strong bullish market and the fundamentals we might have to trade this pattern as a harmonic level breakout. So watch this setup guys.
B point is 618. :) :) :) :)
As I said - Waiting for the full completion @ D point. We touched it aand we hit...