Symmetrical Triangle Consolidation
XAUUSD is seen consolidating in a symmetrical triangle range for some time now. However, this idea elaborates what to expect if the triangle breaks in one of the two directions.
1- Orange lines demonstrate the possible targets if this big consolidation manages to break low empowering bears to take over the yellow metal
2- Green lines mark the possible targets if consolidation breaks high
Note: These targets are purely based on historic data in terms of supports and resistances
Indicators output:
1- RSI is still demonstrating a divergence which is the signal to expect lower targets
2- We are still above the ichimoku cloud , so according to Goichi Hosada, we are still bullish
3- MACD is diverging as well as undergone death cross
Our entry signal, without a doubt, is the wedge breakout!
Best of luck and happy trading :-)
1- Orange lines demonstrate the possible targets if this big consolidation manages to break low empowering bears to take over the yellow metal
2- Green lines mark the possible targets if consolidation breaks high
Note: These targets are purely based on historic data in terms of supports and resistances
Indicators output:
1- RSI is still demonstrating a divergence which is the signal to expect lower targets
2- We are still above the ichimoku cloud , so according to Goichi Hosada, we are still bullish
3- MACD is diverging as well as undergone death cross
Our entry signal, without a doubt, is the wedge breakout!
Best of luck and happy trading :-)
Comment:
triangle broken high, waiting for a retest of the upper neckline of the pattern to buy :-)
Comment:
upper Target 1 hit at 2030
Comment:
Minor pattern inverted cup and handle spotted, we might retest the broken wedge before going anywhere else