BUT WHY ISN'T THIS THE BIG ONE??? I'll get to that.
The chart says it all. Biggest question is whether we will bounce before or after making a new hourly low. If so, this confirms a major trend change. Expecting a bounce either way to test 308-310. If there's a bounce without a new low, price could go higher.
If we just cut through all of the support (very...
Very strong finish this week, but I'm leaning toward the bearish outlook below 2980. Running into the 200ma on the Daily, and the 20ma on the weekly. I expect a below the level we broke into the week's close. Then I will take a short off a retest of that level.
Trade set up now on gold.
Buy - 1697
Stop - 1690 below the trend lines and today's low - If that level breaks we are heading down to 1678 area at the bottom of the trianglish wedgish pattern we've been stuck in for weeks.
Target 1 - 1717 or the top of the triangle
Target 2 - if we break out of the triangle resistance above 1717, then we may be going much higher.
Looking at a smaller time frame now as I try to find my next entry. As I said in my last 2 ideas, I think price can go lower in this pullback, but I don't want to miss the next rally. I'm going to take a small long position at 8900. Entering very slowly, just 1/5 of my desired position. I will buy another 20% each $1000 lower. 7900, 6900, etc. If price turns up at...
Let's assume price doesn't break above the channel and we have a wave lower. I personally think price will find support at one of the fib retracement levels of this first wave up. 50% retrace is usually where I start to look for real support. That said, if we go all the way to the lower regions of the bear channel, then some amazing buying opportunities will...
I got a nice long trade in from the 6800 area and went flat at around 11,200.
Over the coming days I expect to see price pull back to at least 9300 and consolidate sideways for a few days. I will be looking for clear support with a big volume green daily close starting at that level to help confirm a higher low. Below 9300 other possible areas of sideways...
At this point it looks as though the previous down wave is complete as the hourly emas have turned and the down trendline has been broken and tested as support. That said, I don't believe the full correction is complete. Confluence of fib retracement levels and previous areas of support/resistance at several levels above where price could stall without a big...
