GOLD: desc.triangle or sideway combo of corrective patterns?
Hi Guys,
the above structure may be interpreted as a descending triangle according to thepatternsite.com/E...angleDescending.html but is my interpretation correct?
I was thinking about the Bull Run started by gold in mid-Aug'18 and its end (circled in the above chart)...
...I was thinking about the Handle formation following the Cup and unfolding price action inside this trading range...
If this was an EW descending triangle, A-B-C-D-E waves should subdivide into threes forming a 3-3-3-3-3 configuration. Is this the case?
Furthermore, why should Gold unfold a descending triangle to correct a Bull Run? What would be the outcome of a descending triangle in a Bull market?
IMHO gold is correcting the mid-Aug'18 Bull Run with a Triple sidewyas combination.
The initial idea for drawing this chart was to understand the time. How deep inside are we in the formation?
From TOP to end of the triangle are 10 weeks. Since the TOP 7 have passed. 70% of the pattern.
Lot's of fish will be caught in the net if not carefull. Lol
Please also watch out for inverted correlations with USD/JPY.
It is possible that the pair is unfolding a similar pattern but opposite. An ascending triangle or a complex corrective pattern.
I forgot to mention that AToW I don't think that E is the end of the E leg even if we are already 70% into the formation.
However, a clear breach of USD/JPY above 112 would push gold towards 1285 and maybe further. Valid the opposite too.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
the above structure may be interpreted as a descending triangle according to thepatternsite.com/E...angleDescending.html but is my interpretation correct?
I was thinking about the Bull Run started by gold in mid-Aug'18 and its end (circled in the above chart)...
If this was an EW descending triangle, A-B-C-D-E waves should subdivide into threes forming a 3-3-3-3-3 configuration. Is this the case?
Furthermore, why should Gold unfold a descending triangle to correct a Bull Run? What would be the outcome of a descending triangle in a Bull market?
IMHO gold is correcting the mid-Aug'18 Bull Run with a Triple sidewyas combination.
The initial idea for drawing this chart was to understand the time. How deep inside are we in the formation?
From TOP to end of the triangle are 10 weeks. Since the TOP 7 have passed. 70% of the pattern.
Lot's of fish will be caught in the net if not carefull. Lol
Please also watch out for inverted correlations with USD/JPY.
It is possible that the pair is unfolding a similar pattern but opposite. An ascending triangle or a complex corrective pattern.
I forgot to mention that AToW I don't think that E is the end of the E leg even if we are already 70% into the formation.
However, a clear breach of USD/JPY above 112 would push gold towards 1285 and maybe further. Valid the opposite too.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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source: tradingeconomics.com
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