GU is moving in a downward Trend (4 hour chart). As can be seen, the pair has yet to finish the 5th wave to the downside. At the moment, a bounce is expected maybe all the way up to 1.52990. However, once the pair reverses, get ready to move down till atleast 1.5000.
The 4 hour Gold is moving in a big sideways movement (Red Dashed Lines; top, middle and Bottom). Within that movement, Gold is currently in a downward Trend and towards the bottom of the Trend Wall. A bounce to the middle dashed line is expected once it touches the Trend Wall as is shown by divergence between price, and the indicators.
After the bounce, it will...
The possible Head and Shoulder has formed. However, if it s a diagnol triangle, then it has to go up again to complete the 5th move, So, if the red (resistance) line from the Head to the Right Shoulder and down is broken up wards, then the 5th move of the triangle can be expected.
It is also important to note, that a 5 wave move on a 4 hour chart is almost...
The daily E-Mini chart suggests one of three possibilites:
1- A Diagnal Triangle Or Rising Wedge for a move DOWN
2- Ascending wedge for a move UP or
3- Head and Shoulders for a move down where the left shoulder and head are already in place.
A move above 2134 would mean an upward movement. Similarly a move below 2096 would suggest a downward movement.
