On the chart, we see an attempt to build a fourth wave in the impulse as Expanding Triangle or Broadening Top. Warning! Very high risk of a strong correction.
The inauguration of Donald Trump will be held on Friday, January 20, 2017. Around this date, we have a few importatnt #CIT's. My recommendation for the third week of the year: carefully short.
... simplest chart in the world - this is my view at the gold. You may draw here a lot of resistance and support levels - but it still does not matter. Decides only one line - from the tops of Jan. 1980 & March 2008. The market must test it again. If #Trumponomics will work - we will see crash on the gold /$5xx/ - ...
... imo - #2017 it will be the last year of growth. Everything comes to an end. In the printing house also once ends the paper.
In the short termt should look something like this:
... on the chart we see Descending Broadening Right Angle formation /very strong bullish reversal pattern/. The market expects miracles from the #ECB. After #Italyreferendum Dragi is standing against the wall.
..so - in long term I'm very bullish for $OiI. My private target for 2017 is level $70. But in short term, if I'm wrong with this idea /still active/:
we have another alternative - the barier triangle. Outer line in this case, ...
... it's easy - we have Double Top formation /return to $26 / or #Opec will surprise the markets and we will see huge movement to the North. GL!
... so - in the short term - I'm looking for Thanksgiving Top and correction in early December /Yellen?/. In long term - I'm very bullish for Trump presidency - but only for first two years. The Ending Diagonal is just one of the possibilities. Time is correct - the levels are approximate. ...
I'm elliotician. Not easy to live with that ... ;) . Symmetrical triangle is a perfect fourth wave. According to the rule of alternation - we have an ideal impulse from the February bottom. But ... we are in the election time - from this structure is near to the strong bearish formation: Three Falling Peaks ... & ...
Lindsay gave only one example of a longer-than-normal Domed House/ formed in 1968/. 255 days instead of 221/224 from the bottom to the Coupola. Perhaps that we see another case. But first on Wednesday, our aunt must be a very dovish.
... so - the only positive solution which at this moment comes to my mind /Leading Diagonal/. The index must go down to level of June 30. It is connected with Mars retrogradation. Below this level - we have confirmation of Three Peaks & Domed House.