For those who see H&S pattern and think that the price could go further down I have a chart to think about it. 1 - THE BIG H&S You can see that the pattern is not supported by the volume. The rule say, that to be a reversal pattern it need to have something to reverse. Thats mean, before H&S, the price need a trend that can be reverse. In this case there is no...
I am long this week on Gold, because I see a couple confirmations. Elliot wave analysis: The correction that we have at the moment retraced to 61.8% Fibonacci level of the previous Impuls move, which is enough. Normally the correction should close the gap and test the previous consolidation, which in this case is the big triangle, but it not necessary. If the...
The pair already washed out the retail traders and return to the consolidation. I think this will be reaccumulation and it need more time to accumulate power to break the structure.
Gold is currently moving UP. Will see how the market move today. More detailed analysis on Gold expect on Weekly Outlook.
The pair just retested the consolidation zone and the orange trend line. Now it is dropping. The main target is -1.27 Fibo level and this is also the bottom of a big range. Of course there is targets in-between.
After a day of sideways move the pair finally move. But this could be only small retracement.
So I was very bullish on gold and in long term I am still bullish. After these 2 days of drop, it is clear now that wave C of 2 in on move. Normally when price break a triangle it has to retest the consolidation. Gold is doing this right now. My opinion is, the price will go to 1850-1860 where is Fibonacci confluence is, test the triangle, finish the correction...
Last days gold dropped and still dropping, but the big picture tell us - ''this is only a small correction before big move''
EG finished the wedge at the lower border of the trading range. Elliot waves as always give us two possibility of the direction. But for now price react of the support zone and I believe at least will test the origin of the wedge. more analysis in my free telegram channel:
Today I was struggling with EU. Price couldn't break the the last support and already penetrated my Trendline. It bounced from 78.6% retracement, which is entry area. I added a long position to the Fibonacci confluence, which is supported with H4 Order block. This was also the previous reaction area. This will be the third and may be the last swing, before price...
Price consolidate in the reaction area. Last week GU has tested the previous resistance and drop under the trendline.I expect, this week a drop to the main support. In worst case GU will rise and test the order block, then will drop.
Price will hit 1990-200 , where the reaction area is. And than there is two possibilities: Long: Price has finished the correction at 61.8% Fibonacci retracement and just started wave 3. Short: Price will hit the reaction area, finishing wave B of 2 and then test the previous triangle as wave C, before go up.
The price just finished the strong breakout from the triangle and now start to form swings and move up in tight channel. I would say, that the price will hit 100 before move to the next stage - broad channel or trading range. Price level 100 i also theoretically the end of Wave 5 from the Impulse. This is also the area of previous resistance area and in this area...
The price already have retested the triangle. Now I am expected to drop further to the weekly pivot point
The price retraced more than I expected last week. Now, I think that the price drop a little bit to close the gap or to test the previous bottom. After that Gold will rise at least to 2000.