After an impulse comes a pull back to nearest support or last broken structure. On the Weekly this would be around where our new bottom is around the 61% level.
Currently we're sitting above the mean, which is also the 20EMA midline of the BB.
If you are familiar with using fibs, you may realize that usually when price finds supports on one of the golden ratios, it tends to pull back to the 0% line and we then have a new premise from there. Many times from the 61 and 38% we go to -27% and from the 50% to -61%.
Also, if you use BB's a lot, you also notice trend switches after big moves. Up until May, Gold didnt break and close above the 20EMA after the record ATH . Given we've had such a sharp downturn and now rejection back up, this can indicate the start of a new mid term trend IMO.
Let me hear your thoughts.
Currently we're sitting above the mean, which is also the 20EMA midline of the BB.
If you are familiar with using fibs, you may realize that usually when price finds supports on one of the golden ratios, it tends to pull back to the 0% line and we then have a new premise from there. Many times from the 61 and 38% we go to -27% and from the 50% to -61%.
Also, if you use BB's a lot, you also notice trend switches after big moves. Up until May, Gold didnt break and close above the 20EMA after the record ATH . Given we've had such a sharp downturn and now rejection back up, this can indicate the start of a new mid term trend IMO.
Let me hear your thoughts.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
