Arkenzaru

Arkenzaru

The red trendline is a relatively strong support. If this holds, this would mean that it's the end of wave 5 and we're due for the correction and hence TP 1 will be at A which is around 1809. TP2 will be at C at around 1829-1833 to retest the daily H&S pattern neckline. The remaining position's SL will then be shifted to either BE or to secure some profits in...

Arkenzaru

Friday's overwhelmingly good data across the board has melted gold and we finally broke out of the one month consolidation low as highlighted in the purple box on the chart. For now, given that 1758 held for the time being, it's possible for us to head up from here for retracements based on the fib levels as indicated. For now, the maximum that I can see it...

Arkenzaru Updated 

As titled. Because we had broken up from the yellow wedge, it has formed a motive wave and this drop has already been anticipated given that RSI was overbought. For now, my advice would be to buy on every drop on each fib level, starting from the 50% retracement. Target will be 1848 and SL will be 1792 since that would invalidate the impulse pattern.

Arkenzaru Updated 

Congratulations on traders who have followed my previous calls on the corrective wave ABC. Was slightly off for Wave B but nonetheless, no SLs were hit and all targets were achieved. I have made adjustments to the chart, fixing the zigzag corrective wave that I initially thought it was to a flat and have since added the new impulse motive wave. Currently, the...

Arkenzaru Updated 

Long term EW target of 1680 has been reached. Supposing that 1680 does not break given that the daily RSI is oversold, this could possibly be the end of wave 5. In that case, we can look for buys towards the end of Wave A that can be projected towards 1740 to the middle of the weekly flag. If 1740 gives way, we can then look towards 1760. Depending on the...

Arkenzaru

EURUSD has been on the rally since July 2020, causing it to break from the downtrend channel. The bullish momentum is close to reaching to its end as a D1 H&S pattern has formed. As of now, I strongly do not recommend taking any action as of yet until either the neckline or the shoulderline breaks. If the former breaks, sell, if the latter breaks, buy. If the...

Arkenzaru

GU has rallied above of 2020's high but seem to be lacking a bit of momentum to break the ascending triangle. With FOMC coming, we potentially may see DXY rallying which would cause GU to dip for corrective waves ABC after Impulse 12345 has been done on the daily. For bears, key levels to take note of is the resistance for the ascending triangle, if that breaks,...

Arkenzaru

3 weeks ago, the price has dipped back into the weekly flag, causing a massive upper wick on the weekly chart, indicating a false breakout of the weekly bull pennant which also indicates that the price is not ready for 2000 back then. 2 weeks ago, the price went down towards the middle of the weekly flag and got rejected magnificently, forming a bullish pinbar on...

Arkenzaru Updated 

So we have observed the weekly flag line being broken at the start of the year which resulted in a sizable $60 rally. Many people at this point are expecting $2000 - $2250 because of the formation pattern and we saw the price testing the flag as a support on the 6th before attempting to go further up in which it failed and eventually crash back into the flag...

Arkenzaru Updated 

Price has tested the yearly high after brexit news that deal might be closed on Dec 30. For now, I see this as impulse wave 3. RSI is turning overbought on the lower timeframes as well so we might potentially see a pullback towards 1.354 - 1.349 for wave 4 before retesting the yearly high. Breaking of the yearly high will ensure Wave 5 which is estimated to end...

Arkenzaru

Like mentioned in my previous idea, my sentiments had remained bearish until 1850 was broken and I have been bull till the weekly flag at 1907. The price has tested 1907 but failed, causing it to plummet towards the red line which it then broke, thus opening the path back towards the Wolfe channel and it bounces from there. As of now, I see the price consolidating...

Arkenzaru

So earlier today in the H1 chart. Bears managed to push the price down below the H&S neckline but at the same time, it bounced off of the wolfe support and fibo 50 level at 1819. For bears, I would have preferred a more decisive break of the wolf wave's support before I would short. It was a smart move by the MMs to trap the bears who have FOMO-ed and for them to...

Arkenzaru

The price broke back up into the wolfe wave pattern that we had last week and is rapidly approaching the supply zone. This upward movement from 1765 to 1830 could very well be the end of wave 4 and we may start wave 5 relatively soon. If the price continues to soar up into the supply zone, I would suggest selling on every rally and aiming the tp at the demand...

Arkenzaru Updated 

Earlier today, the price went up to test September 2017's high and went back down. The H4 and D1 RSI is currently bordering overbought and the daily trendline is at its peak now. Shorting now with a tight sl just slightly above of the September high would be ideal for a good risk to reward ratio. Bears can aim for the following fibonacci retracement levels...

Arkenzaru

We are approaching the weekly resistance of 1.34. Supposing that 1.34 gets rejected, this will confirm the bearish gartley pattern on the daily timeframe in which we could look to TP towards 1.25 - 1.26. SL will be set above September's high @ 1.354 in case of any possible spikes to hunt for stop losses. TP1 will be at 1.29 and TP2 will be at 1.26

Arkenzaru

Retracement is long due especially for H4 after testing 1800 support. A Wolfe wave has been forming on H1 and fibonacci retracement 23.6 on the h4 is parked neatly at 1818 which is the first target of the Wolfe wave. TP1 1818, TP2 1831.

Arkenzaru

We are reaching the top of the uptrend for GU. Shorting here and TP1 will be at 61.8 retracement, 1.3264. SL will be slightly above 1.34. Breaking of 1.34 might see it testing September High at 1.3467. But for now, I see it going down from a retracement first before going further up after resetting its RSI level.

Arkenzaru

After the massive meltdown last monday, Gold has been consolidating within this channel, essentially forming a bear pennant. The key levels to look out for now are the support and resistances of the flag itself. Breaking upwards will ensure 2000 whereas breaking downwards will ensure 1800. For now, I do not suggest taking any position unless you're scalping and if...