Last week Friday was intense. The price jumped to 1874 all the way from 1840 which was almost a 2% move and then a huge drop from the top; thus creating a double top from the previous high a couple of weeks ago. This shows that it is a very strong resistance to break an all-time high.
Main scenario: Today we have a gap up with almost 7-10 points from the week previous closing price. Was thinking that this might be a breakaway gap, but it turned out to form an HnS pattern. Once it breaks 1840 below, we are seeing 1800 or 1766 soon. Bearish has better play because bear managed to break 1805 even though with long wicks. Based on the Elliot Wave pattern, we are done with the ABC correction move as well.
Alternative scenario: This week might be the last move for the bulls to break 1774. If bull breaks 1770 one more time, all bears will change position to buy to break 1884. If that's the case, we are seeing 1950 very soon.
Both can happen this week, but I'm leaning towards a bearish move. After that, we buy on weakness at the bottom. Enter at the right price, set BEP if winning, and put tight stop loss because it will be a hard hit down or up this week (hopefully with NFP and other huge impacts)
Feedbacks and likes are much appreciated!
Main scenario: Today we have a gap up with almost 7-10 points from the week previous closing price. Was thinking that this might be a breakaway gap, but it turned out to form an HnS pattern. Once it breaks 1840 below, we are seeing 1800 or 1766 soon. Bearish has better play because bear managed to break 1805 even though with long wicks. Based on the Elliot Wave pattern, we are done with the ABC correction move as well.
Alternative scenario: This week might be the last move for the bulls to break 1774. If bull breaks 1770 one more time, all bears will change position to buy to break 1884. If that's the case, we are seeing 1950 very soon.
Both can happen this week, but I'm leaning towards a bearish move. After that, we buy on weakness at the bottom. Enter at the right price, set BEP if winning, and put tight stop loss because it will be a hard hit down or up this week (hopefully with NFP and other huge impacts)
Feedbacks and likes are much appreciated!
Note
Right shoulder head is broken. HnS is invalid. Look for another pattern before enteringNote
Please note that by the impact of silver going up due to WallStreetBets community engaging to buy aiming for short squeeze in silver, Gold volatility might be slightly impacted.Note
Price action is very choppy. This might not be a good trade. Trade scalping only.
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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.