So lets look at XAUUSD. Gold appears to be in another AB=CD pattern. I overlayed the previous pattern on top of the current pattern and "voila" looks similar. The amount of time to the bottom previous is a little shorter than we are now. I suspect GOLD is near or very near the bottom. The cycle is on day 37. Gold has been lasting 33 days, so its extended. Look for higher prices from here, but don't fall in love with the trade. It may be short lived as this is NOT the ICL.
Note
Gartley pattern pretty perfect overlay. Id say Silver is getting close to a recovery point. Note
Looks like the Gartley failed, the Shark pattern is still in play. %R is oversold I just want to see the TSI to move higher and crossover. GDX looks like its starting to base out. SOONNote
4th daily cycle can't be expected to gain too much. LT for sure. WIth GDX overbought and at the 50dma the top may be close. The TSI cross is bullish, but with 4 gap up days in a row? Be carful, set stops. Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.