Gold bulls are close to support at 189MA., and long term 1 thru 4.
However as per Indicators, Bears are in control.
I like the Bottom Bollinger band here, once and if we break the 189MA.
Ofcourse A return to Bullish position would take a close back above Mid. BB
Is this an Elliott wave C starting?
Hi All gold traders,
IMO, we are looking at a BAT Pattern.
Which would take the GP back to retest the Bullish Wolfe Wave line in Pink, from previous down pattern starting 1 as the 2014-07-31.
That is all!
As per chart.
Watching for this pattern. .382% retrace of last leg down.
which is the min.
How much profit taking will there be?
Whats the effect if Draghi decides to print?
Cypher would be against the breeze!
An interesting chart showing us a backtest of Sym Tri. As per blue arrows.
Being a pattern chartist i decided to look at the overall picture, and to my surprise we have Bearish Wolfe waves to coincide with Syms.
I feel it explains a lot, and gives us direction. If we needed it1
Currently i see Bullish Gartley(orange) over Bullish Gartley(yellow).
So for both to achieve there goal(s).
I see Gold price following the green lines.
I think the price of gold is at a very interesting point.
We have a Busted Symmetrical Triangle, which has hit resistance at the top of the Sym Tri (pink).
Black line tells of a new trend, and Sym Tri could be pointing to a bottom.
People will we go higher to 1359-1360 area, or will gold Double Bust?
Love some ...