POSSIBLE LONG - Trend Resumption - GOLD
Hi Everyone, as we can see, we are still in an uptrend on the higher time frames.
Price has rejected from the MAJOR uptrend line and looking to see further bulls enter the market. It appears that we could have just completed the ABC, 2-legged correction and potential resumption of the trend.
IF this is the case, then please see below as i think this last LEG up is broken into 3 legs itself. If that is the case, a STRONG HOLD would yield good profits as there may be a lot of room still left to go. Potential 2900-3300 pips to the previous all time high with potentially more in the pipeline. Taking into consideration that this last leg may be broken into 3 legs of it's own then we are just completing the first of the three. I will outline this in a diagram below.
If we look at the last bull run into the 2008 Global Financial Crisis, we can see at the 2008 official hit of the recession, the bull run was already in play and it continued for another 2-3 years afterwards, ending in 2012 from memory.
I think we may expect/see something similiar, regardless, i will base my decision on what the market does. For now, let's just focus on our current process and of the trade which may be in play now. We can ride it up and lock in profits in strategic locations as we continue up.
Remember this is just a possibility and a trade idea. Nothing is certain in the markets and can change in a second. PLEASE ensure you have tight risk measures. This is critical to your long term success. There's ALWAYS an abundance of opportunities out there in the markets and there's also opportunities to scale in with small amounts as the idea is confirmed in your favour.
PAY ATTENTION: That there is ALSO a chance/probability that we can enter a larger trading range here. I doubt it but remember the possibility is ALWAYS there and you MUST keep that in mind.
Price has rejected from the MAJOR uptrend line and looking to see further bulls enter the market. It appears that we could have just completed the ABC, 2-legged correction and potential resumption of the trend.
IF this is the case, then please see below as i think this last LEG up is broken into 3 legs itself. If that is the case, a STRONG HOLD would yield good profits as there may be a lot of room still left to go. Potential 2900-3300 pips to the previous all time high with potentially more in the pipeline. Taking into consideration that this last leg may be broken into 3 legs of it's own then we are just completing the first of the three. I will outline this in a diagram below.
If we look at the last bull run into the 2008 Global Financial Crisis, we can see at the 2008 official hit of the recession, the bull run was already in play and it continued for another 2-3 years afterwards, ending in 2012 from memory.
I think we may expect/see something similiar, regardless, i will base my decision on what the market does. For now, let's just focus on our current process and of the trade which may be in play now. We can ride it up and lock in profits in strategic locations as we continue up.
Remember this is just a possibility and a trade idea. Nothing is certain in the markets and can change in a second. PLEASE ensure you have tight risk measures. This is critical to your long term success. There's ALWAYS an abundance of opportunities out there in the markets and there's also opportunities to scale in with small amounts as the idea is confirmed in your favour.
PAY ATTENTION: That there is ALSO a chance/probability that we can enter a larger trading range here. I doubt it but remember the possibility is ALWAYS there and you MUST keep that in mind.
Comment:
As promised: This is a possibility. This wave up has 3 legs (5 waves) with the LAST Major/Impulsive wave broken into 3 legs (5 waves) of its own. With the first wave of impulses possibly just completed. (Please see diagram)
Comment:
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Comment:
Also keep in mind that the waves are not predicting which price level they end up in but just a vague picture of the waves so that you have a general idea.
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There's follow through on the 4 hour which is good, do want to see it close strong as there's still some time left.
There may be this 2nd test down below before we rise up.
Hence making the 4 hour candle close bearish instead of bullish. We'll have to see how the higher time frames close for strong indication and confirmation. We need bulls to kick into this market here.
There may be this 2nd test down below before we rise up.
Hence making the 4 hour candle close bearish instead of bullish. We'll have to see how the higher time frames close for strong indication and confirmation. We need bulls to kick into this market here.
Comment:
Worth a buy setup if this 4 hour bar closes bullish. If it becomes a strong bullish candle, the better.
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Looking at this continuation
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Good buy ^^
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Comment:
Head & Shoulders Neckline (Left side) drawn with red line
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2 mins left on the 30 minute candle, but smaller time frame has broken out!
Comment:
Failed breakout and possibly reversal underneath OR continuation of the downtrend/Correction and hence a possibly break of the major uptrend line
Comment:
Right side: possible that the failed breakout was part of the B wave and we could have ended the C wave now for possible continued move up
Comment:
We broke the major uptrend line overnight. Right side: Potential overall movements. for the correction.
Left side: Going into next week we will most likely go up to TEST the uptrend line and we will either:
1) Fail this breakout and continue the uptrend again.
OR:
2) Test and continue falling down, confirming the correction in play.
Left side: Going into next week we will most likely go up to TEST the uptrend line and we will either:
1) Fail this breakout and continue the uptrend again.
OR:
2) Test and continue falling down, confirming the correction in play.