After identifying Wolfe patterns i have looked after target and structure.
As first target have found 933 level, which is POC of bulltrend from 1999 and start of terminal upswing in 2009 (end of correction completed by abcde EDT).
Gold fits very well in diametric wave B, idea which is outcome of recent intensive team stint with @ivanlabrie, very enthusiastic guy, his idea is
Break of 1-4 epa Wolfe line is very significant here and imho could mean confirmation of bearish paradigm for gold for many years.
Found also curious h&s pattern sitting at median line of longterm uptrend channel, i am not fan of such patterns, but lets see.
Monthly price action is down after break of trendline, all other TA or indicators seem to be of limited use in gold, monthly/weekly price action and weekly ema200 are just few reliable tools.
Scalling of bulltrend is done per Murrey eights.
As first target have found 933 level, which is POC of bulltrend from 1999 and start of terminal upswing in 2009 (end of correction completed by abcde EDT).
Gold fits very well in diametric wave B, idea which is outcome of recent intensive team stint with @ivanlabrie, very enthusiastic guy, his idea is
Break of 1-4 epa Wolfe line is very significant here and imho could mean confirmation of bearish paradigm for gold for many years.
Found also curious h&s pattern sitting at median line of longterm uptrend channel, i am not fan of such patterns, but lets see.
Monthly price action is down after break of trendline, all other TA or indicators seem to be of limited use in gold, monthly/weekly price action and weekly ema200 are just few reliable tools.
Scalling of bulltrend is done per Murrey eights.
