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Diamondtop

Diamond on GoldGold market yet to pitch in extremely volatile correction swing. There were correction, range and trend all mixed up in next six months. This is going to be swing traders paradise and positions holders nightmare. Today I would like to share the bigger picture of the market, which is the most possible corrective structure I experienced in spot gold trading. The daily update of this trading idea should be shared in gold room or by private message. This strategy is based on Elliotwave and harmonic pattern. When time progress there will be change in structure, however i believe the targets remain same.
FX:XAUUSDShort
by VRShaiju
Price Flirting w/Close in KumoA close inside the cloud (through resistance) is a very bullish indicator. A close above the $51 neckline in the cloud would give me further confidence that price would propel to $60 w/a pit stop around $54. ~$67 would be the ultimate bull target based on the flat kumo. Cloud taken together with MACD , RSI , and stoch , Technicals collectively is mixed. MACD suggests strong bullish momentum after breaking resistance on histogram. RSI has more room for up, but if pullback does occur, expect bounce on trendline. Stoch has been high since March which would suggest to me that a pullback is imminent, although admittedly, I don't know enough about stoch to be confident in that analysis. in 2015, stoch trended basically maxed out until July. We may see the same again here. Fundamentals of supply glut should bring this back down. As price increases, producers are incentivized to increase production, which would again shift the supply/demand curve. This increase could be due to summer in the Northern Hemisphere increasing demand, but that is unlikely to be the only reason for this rally. Overall, this suggests bullish continuation should price close in the cloud and above $51. However, price has bounced almost 100% since lows in February.
FX:USOIL
by IAmSatoshi
EurUsd: Blueprints 6.There is a Diamond Top on the EurUsd, which is a very bearish figure. The Parity has succeeded to break it out, as it was unable to breakout the 1.09418 resistance level, which would have allowed it to seek 1.10686, its rejection level. The pattern shows a bearish market, with 1.05598 as an objective, and 1.06972 as a primary objective. The daily Pivot Point is around 1.08821. The daily support levels are around 1.08180 and 1.07172. The daily resistance levels are around 1.09829 and 1.10470. SL: 109429 PL: 1.05606 The FXE, which has always given accurate hints about the EURUSD's trend, is also showing strong bearish signs as a H&S can be noticed on the Chart.
by ACTIV8X
2007 pre-crash : Psychology of Diamond Top on #SPX500 #SPY« The crash site (downtrend end) is often near the price level of the launch site (uptrend start). » T. Bulkowski Just to notice on the S&P 500 daily scale we've got a rare chart pattern : a diamond top. In the case of a diamond top, the psychology of this pattern is characterized by the double indecision of symmetrical broadening. In fact, broadening highlights the increased volatility unable to sustain the upward trend in the long term. The bullish forces diminish and shares change hands to go from majority stockholders in the market to less informed stockholders. After a period of euphoria and the market enter in a period of uncertainty. This is materialized in significant oscillations of the course. The output of this chart pattern has a high probability (80%) to reverse down the last upward trend. An example of Diamond Top on SPX500, 2007 pre-crash period :
FX:SPX500Short
by Mirandole
20
AUDJPY - Long term short opportunity- We got a clean break of a top diamond in the Stochastic and now the pullback seems to be ended - There is confluence with the price being unable to reach the 2007 tops (diamond top there again) - On a lower TF, the break and the pullback is a Ascending Wedge break (see my 1D idea) with once again a diamond top - The RSI support already got tested 4 times, last bounced being that weak Ascending Wedge, i expect a break now - I'm confident about China being in a crisis, the gouvernment got forced to forbid sells to alt a stock exchange crash. And AUD is way more "China correlated" than JPY. Such diamond tops, much shorts, wow.
Short
by scommesylvain