Possible Completion of Head and Shoulders on GC

19 thg 3, 2022

Next week I will be watching GC, initially looking for a move higher back up the 2 Hr Supply Zone. I will be looking for a 5 wave impulse back to the 2 Hr supply and monthly high volume node where institutions will be able to fill and/or exit their positions. The one advantage we have being retail is we can see their footprints in the volume profile. They cannot exit or build positions in low volume. They have to do it where the volume is. Levels of High Volume will always be magnets because that is where accumulation and distribution can take place. That being said, I think we get a 5 wave impulse up to the the high volume, this could be the right shoulder, at which point it would make sense we chop around as distribution takes place and then we get a ABC correction back down to the demand zone with a potential target of the unchecked daily POC underneath the recent lows. That would be a completion of the head and shoulders, at which point the potential of a measured move to the downside would be in play. Obviously I have no idea if this will play out like this, that is just my weekly outlook as of right now. As you know trading is fluid and the plan could change but as of now this is my plan. Good luck to you all next week