XAUUSD created a Bullish bat Pattern inside of a bearish correction.
On the Daily/weekly gold is in consalidation between my green zones
After the last bullish impulse leg price formed a bearish corrective flag.
Inside this Channel price also finished a bullish Bat Pattern for another bullish wave Inside of the ...
For the next week I have a lot of conlfuence that GPB/USD will be bearish
1. It´s in a corrective structure on the daily
2. It broke the Bullish correction in this structure to create the 5th wave
3. Head and Shoulder Pattern on H1 already broke neckline
4. Possible reversal to 1.31700 level to create a Head and ...
Looking on daily and H4 chart:
1.Price couldn´t make a new high
2.Price is at Trendline
3.Bullish correction Wedge pattern in overall Bearish Trend
4.Divergence on RSI 7
5.Fibonacci 61.8 Level
6.Engulfing Candle on Daily
Price is in a reversal flag pattern. if price reaches 100.950 again and won´t brake thorough the zone it creates a double bottom. For me a good setup to go long for TP @ 101.650 and SL @ 100.600 with a RiskReward about 2.4
Market came all the way down to the 100.500 zone and rejected strong. Right now it´s in phase1 of a bullish movement. If Price cant pass through 102.000 zone, I´ll go for a buy with TP1 @ 102.650 and TP2 @ 103.300