last week i posted some of my analysis on GOLD and made a mistake by saying that we had a potential bullish bat formation. After reading a few comments from some former clients I realized that we didn't actually meet my "B" leg requirements for the pattern.
With that being said, this is still a decent trading opportunity based off of the level of potential structure support that we are heading to, the ab=cd pattern completion and the fibonacci confluence. Recently the RSI has just gone oversold, allowing us to add yet another point to our combined technical score (CTS).
in the event that we do get a price action reversal pattern at that level, the first area I would have on my radar for a retracement would be right below the 1320's price point.
Awesome sauce as a friend of mine likes to say.
If you would permit I would like to formally dub thee "Ze Chef", cause I'm loving me some of that market analysis broth you're serving up!
Had my eye on this one as well. So glad to get some pro confluence (I love that word) with my analysis (Pro confluence should be a CTS score if it isn't already!).
All that's left is to see IF the market will give us the anticipated move.
Arigato.
Akil_Stokes
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@scorpiousg, Well done! and as a big fan of food, i appreciate the references
RuhailKhan
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Hi Master Akil, i agree with you and its also showing bullish white Swan.
Predictive patterns don't work. You see a bat, I see price close below the 20 day MA and RSI move below 50. Even on the 240 chart the trend started in mid July and has just changed direction. 1290 and then possibly 1270.
If you would permit I would like to formally dub thee "Ze Chef", cause I'm loving me some of that market analysis broth you're serving up!
Had my eye on this one as well. So glad to get some pro confluence (I love that word) with my analysis (Pro confluence should be a CTS score if it isn't already!).
All that's left is to see IF the market will give us the anticipated move.
Arigato.