Potential Bearish Gartley At Key Zone
Entry Point: 2110
Profit Target: 1760
* By mistake i have placed wave ii at a wrong point on the chart. Wave ii ends where i have placed the begging of fibs..
Long Term Support Trendline:
Although gold is in a downtrend i believe we have a very nice buy set ahead. After price broke a medium term resistance level in the previous days is in a corrective structure. If it retrace a little more we have a bullish bat pattern completion.
Speaking in elliot waves if price hits D point (.886) of the bat pattern and starts climbing we would be at the...
Bearish Gartley completion. Overall trend is a downtrend. We didn't enter at 0.786 fib level we will enter after a short term support breakout with stoploss above previous high.
Entry Point: 85.460
Profit Target: 82.140
After a very sharp impulsive wave to the downside we see price in a corrective wave. In this wave we see two bearish harmonic patterns (butterfly & gartley) with their D points very close to each other. I believe that if price reaches that zone it will start moving to the downside with a target at 1.27 of the big impulsive leg.
Entry Point: 93.185
Price has broken a long term resistance and after a small rally it makes a correction. In the chart we can see a potential butterfly pattern where its D point is at the 0.618 of the impulsive leg which broke the resistance level. In elliot wave i believe this at D point we have the begining of wave 3.
Entry Point: 42
Profit Target: 52.30
Price broke a channel which represented a correction wave after a sharp impulsive down leg. After that price has pulled back at 0.618 of the shorter impulsive that broke the channel.
Entry Point: 14.731
Profit Target: 13.511
Seems like trend will change direction very soon. Just wait for a breakout of that medium term support trendline in the chart.
- Price has reached a long term resistance level
- We can see a bearish divergence in MACD
- Price tests 0.618 level
See the long term resistance level and the 0.618 point here: