Alright guy, what I am trying to imply here is the possibility of the formation of a "Falling Wedge" bullish continuation pattern. If that is to happen, we shall continue to see bulls over-powering bears and following the design of an AB=CD pattern. If that is to happen we will see the breakout to D point but until that breakout occurs we wait otherwise we continue to our assumption of retesting 104.6.
To follow this idea we need a clear breakout of that upper resistance of the falling wedge, then we shall know about the position of C. And from C we can determine the target using the formula followed by AB=CD.
Note: If the breakout occurs from this falling wedge, it would imply that precious metals will continue bearish to lower targets!
Best of luck, Be patient, happy trading!
To follow this idea we need a clear breakout of that upper resistance of the falling wedge, then we shall know about the position of C. And from C we can determine the target using the formula followed by AB=CD.
Note: If the breakout occurs from this falling wedge, it would imply that precious metals will continue bearish to lower targets!
Best of luck, Be patient, happy trading!
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pattern invalidated
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It was apparently a false break low so we continue to the Ab=CD
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We are on a brink of a break high and with that Solid hammer on Daily it could be a possibility that we can finally identify our C as 107.3, But we must wait for a break out which we might possibly see on Monday 29-08-2022
