Gold part 2
Supplemental to my previous post. Harmonic analysis is confluent with a bullish bias. A type 1 reaction has occurred, and we could be gearing up for a type 2 return back to the bottom of the wedge to the red zone. Bullish confirmation at this area would also confirm the classical partial decline within the broadening and descending wedge. This would set up a type 2 return to possibly as high as 1993 for an ultimate TP. There is a 4 hour, 6 hour, and 12 hour pattern also confluent with this price target.
Note
*edit A return to the lower completion zone with bullish confirmation would set up for a type 2 reaction, not return. This is a reversal move that would usher in much higher prices.
Note
Else, we could easily break up to 1977-1993 from here IF prices stabilize above 1957.98
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.