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The pullback didn't hesitate a bit at the closest 2-week support level(1310-1320), where profile is relatively thin.
We are likely to be seeing a few days of consolidation at current level. If the whole mark turns bearish again, it could evolve into pendulum to test 1350 in 4 weeks or so.
Mid term: 8W convergence center is forming around 0.0385, happens to be the +1 retracement of 90D
Short term: 3D (steep) Linear Lower Bound testing, expecting to see Band closing and forming a sub convergence structure,
rates hike kicked a boost
2 weeks of consolidation as expected
big/ask shift up 1.21/1/07
strong momentum as of posting
you should have cashed out all financial products, keep 1/3 proportion of paper gold
What Happened since 10/10
30% channel bounce rejection, 5 T period
entered 2.6k on the first day of prediction window
1 year significant down break
amplifying solid red bars x 3+
short upon bounce
TK presents high summarized results.
Strong defense at 3.8k, 2nd bear test showed bull confidence
TK Fibonacci Enveloping® shows stabilization at .236 level
1.14 Bid/Ask volume ratio from Top 10 Exchanges
Later small windows told healthier bull action
Adding long on low as eyes on 3.9k level
Clear SL at 3380, 3325
Pay attention as...
Bulls were able to hold 4.2, now we see a much healthier daily convergence.
1/5 T UP followed by 4/5 T DOWN since the first impulse.
7 week aggregated future volume is centered at 4.8, and 13% heavier above.
Another week of consolidation
Trade on triangular linear bound
Mid-term pivot still eyes on 3.8, 74%
The ever strongest impulse sank a few battle ships in November, and caused a longer sub-wave consolidation. Now it seems we are getting back to major wave.
Be prepare for a flash drop to 3.9
1st convergent consolidation (resistance building) is likely to happen in 2 weeks
Still a lot of opportunities for day traders
Trading emotionless, GL