This Friday we had day 39 in the 4th daily cycle. It's quite a long daily cycle .
We've reached the 1st level at the end of the 1st wave at the 50 EMA and the blue trendline.
Next week we have to print a DCL with RSI oversold at or near to the 100 EMA. Bulls will have to face with the next big surprise: the blue area is not a bull flag. It's going to break down not to the upside...
The first 3 daily cyle lasted for 25-30 days, this one is already 10 days longer so timewise we have to print the DCL at the beginning of next week (Tuesday or Wed)
Indicators: 10 and 20 EMA is crossing over, MACD very bearish, RSI is heading to oversold...
So this 2-3 days will be really scary for the goldbugs, by the DCL we will loose most of the weak bulls.
So next week I'm looking forward to see price printing a daily cycle low around the red trendline and the 100 EMA(1220-1225).
Don't forget : time is the keyword. (For the following levels pls check "The bear awakens" post)
We've reached the 1st level at the end of the 1st wave at the 50 EMA and the blue trendline.
Next week we have to print a DCL with RSI oversold at or near to the 100 EMA. Bulls will have to face with the next big surprise: the blue area is not a bull flag. It's going to break down not to the upside...
The first 3 daily cyle lasted for 25-30 days, this one is already 10 days longer so timewise we have to print the DCL at the beginning of next week (Tuesday or Wed)
Indicators: 10 and 20 EMA is crossing over, MACD very bearish, RSI is heading to oversold...
So this 2-3 days will be really scary for the goldbugs, by the DCL we will loose most of the weak bulls.
So next week I'm looking forward to see price printing a daily cycle low around the red trendline and the 100 EMA(1220-1225).
Don't forget : time is the keyword. (For the following levels pls check "The bear awakens" post)
Note
Waiting fir the hourly triangle to break down:Note
We have the same trendline-crawling-story...Note
We entered the 2nd wave today.I would like to see as price is coming down into the red box by Wednesday.
Note
Testing back the triangle?Note
We are deep in the 2nd wave.Tomorrow or On Thursday we will enter into the red box there will be tha daily cycle low.
Note
And here comes the price breaking down the bull flag.Last hope of the bulls has fallen.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.