Most recently I have been focusing on W pattern breakouts and they have been appearing all over the place now. The most recent breakout being in Gold along with a confluence of other breakout from key levels and patterns. How I measure the W pattern breakout is the length of the leg 4 of the W pattern from the neck line of the pattern or I use the shorter of the...
Bullish head and shoulders pattern is prevalent on the Gold daily chart.
It is trading inside a bullish trend channel and currently forming the right shoulder which, so far, is failing to trade near the bottom of the channel creating that higher right shoulder which is a strong confirmation of the direction of the possible continuation.
2450 will be tested...
With the ES and NQ seeing some major weakness there seems to be a market rotation out of the tech sector and into small caps. The reason I like RTY for a continuation of bullish momentum is because price action is setting up in a bullflag with higher swing lows and two strong wicks through the top trend line possibly taking out some sell orders clearing the way...
Past chart history shows gold price went into a bear market from 1980 to early 2000's and again in 2011 to 2020. Currently, we are trading in the bull cycle which lasts on average 9 to 10 years. Analysts, projected a price of gold to hit 2500 by the end of this and we seem to be right on track. Price is trading inside of a bull flag where buyers and sellers are...
Crude breaking daily chart trendline and showing a U shape breakout. Everything Points to testing previous highs and price continues to make higher highs and higher lows. Not sure what could be the catalyst but there is the beginning of a repeating pattern from last June. Key resistance is at 85-87 and if price can push past this level its likely that a retest of...
After the big rally in oil price back in May price found a balance in the range of 81 to 76 forming a expanding wedge. A break to the downside retraced and went up to not only test the top of the wedge but also began consolidation here. Price has been making HH and HL since the start of June. Next magnetic level before sellers may come in is 84.
Gold looking bullish as price is consolidating in this range just below the trendline resistance marked by 3 tests since March. If price can breach 2350 there is room for a continuation to the upside. Not sure if there is or will be any catalyst to push price up and sellers out.
Gold sitting at major support level inside a trading range on the daily chart but where will it go from here in the next few days? Price currently trading inside a downward channel/wedge. Will we get some momentum to push higher? The beginnings of a possible butterfly pattern starting to form indicating a bullish move up to the top of the trendline with a chance...
Breaking out possible soon out of a fish-hook or cup and handle. If GRPN can break resistance at 15 it can fly to 20 and break through til it hits old support levels and resistance at 25.
