If you like technical analysis, follow Mini-Nasdaq, DOW, S&P500, Gold, Crude . Highly recommand to reading Tomas Bulkowski's Books, at www.thepatternsite.com. Thanks Mr. Bulkowski to sharing us all your knowledge.
Look like Ugly Head and Shoulder pattern in week, breakout will be below the neck line of first elbow at 93.5. Could aim King dollard and back him to 80 and maybe more...Let see if breakout will happen..
Gold have made its trowback to top of the V bottom and touch three time bottom and didn't fail. NR7 UP formation call for bull wave. It's clear that Gold will want to grap its last UP trend support. Gold is likely to brake this resistance. Long recession mean negative interet and mean commodities timing because banks give nothing.
The flag is confirmed and it possible that retracement will happen into the diagonal channel. break down the diagonal channel could change the trend direction, But bull wave is in place and could reach the new high again.
The Dow make nice flag in 15 min scale, if it confirm by a breakout of 22400, this flag have the potential to go higher and reach up to 26000. Very rare that we can see that type of figure in play with a major index as Dow.
This senario could happen if the corona crissis coutinous at this rate level and no vaccin yet. We have all elements for structural correction as 1987 and 2008. Structural correction could reach 2/3 ration. See, the trendline supported from 1987 to 2008. Maybe we was in bubble since a long time ! how know !!
Nasdaq is now in bearish territory, now waiting after pullback to the last uptrend line. It will be the best timing to manage yours position. After, it will be more difficul.t
The down trend look like a structural correction as we saw at each 20 years. Theoric is that correction could reach 60% of the peak value market, mean close to 3200..
SP500 also made a classic formation ABCD as Dow and Nasdaq, but it's the only one with ABCD leg above of the old uptrend line in red. Curious to see if ABCD pattern will be enough to broke the last uptrend line. Let see what will happen.
Gold is very close of his last resistance level, let see what will happen next. My option is, the price will try one more time before pass thru, never two without three. All conditions are there for a potential gold rally.
NAS100 Trend line broken, possible ABCD correction. This correction come from bigger ABCD Pattern completed before. And that pattern after completed return from where it come. Next trend line support will be critical to keep the bullish wave, if pass thru, that could mean that bearish trend could take the lead.