Bearish patterns following EWs. Patterns predicting wave 3 ending, wave 4 ret. and ending wave 5
Gold rose traditionally in September. However, last September Gold dropped 9.66%. The stats show that Gold never dropped two consecutive years, so a very good chance that it will rise. The last 2 month range is $73.10 (5.75%). Potential bullish move to 1330 (3.3%) is on the table and very likely.
According to RSI extreme oversold condition and bullish gartley completion, PA might bounce at this levels, good structure support.
From the structure perspective, all 5 EWs are complex in nature. According to wave1 behavior, expected similar wave5 behavior and completion slightly above 85. However, a possible crab completion higher @85.45
PA broke channel on wave 3 (complex abc) and twice in forming the wave 5 (complex abc). Those breakouts are very limited and the channel TL seems to attract the PA very strongly. Wave 5 completion expected @97.4 for a short on ABC correction or new EW sequence down.
The possible inv. Head and Shoulders pattern suggests another bearish shark and bat
CADCHF breached the descending channel. Bearish cypher just above the last high. Bearish bat at structure of previous swing high.
This could be a level for retracement, or maybe not. Don't know. I certainly will try longs. Next level is 31. RSI in extreme oversold area with divergence.
Could be a definitive EW4 with RSI div. although wick below 50fib. still closing above. A beginning of EW5, perhaps? We'll see this week.
Hit the 161.8 of AB on this completed ABCD, 113 acting as res. from previous high. Both determined the 3rd wave, PA turned down for a ret. @50fib., broke out of the narrow descending channel towards completing wave 5.
Bund reached 150. A very important level. Butterfly for short completed @150.11. Good rejection @150.68. Could be a nice short.
EJ broke out of descending channel, struggling to break above 138 so far. The completion of this butterfly is @138.64, good structure res.
A pullback above the 38.2 (T1) could lead to 61.8 (T2).
2 bearish patterns for short. Bat triggered @103.74, crab awaiting completion, slightly above the 104 even handle @104.05. Look for targets below 103
Long on bullish shark, possible ABCD completion slightly lower. Bullish butterfly for another long on new Lower Low.
Closing the gap (red circle) could potentially be a point of retracement. The GAP PRZ around 78.6 is marked with red rectangle. However harmonic bat for bullish move is lower @3.04 with nice structure support. Possible drop to 3.00 is not out of the question.