It's hard to define exact levels of resistance around this area, but we seem to have a descending wedge into strong support here in the $210s, which should result in snap back up for a correction. After that is anyone's guess, but I'm still leaning toward a long term bear market. Given the oversold condition, I would say a snap back to the $240s is likely. ...
Bullish divergence, break desending wedge, volume confirm. stochastic out from oversold. one white soldier confirmation and continuation
Gold has been trading in a descending triangle. Read the full write-up with more charts: www.enhancingcapital.com
Long term trend is bullish, major trend bullish, bullish divergence, break descending wedge
After a big bearish run Gold found support at 1200.00 as far back as June 2013 and has since been stuck in a descending triangle. As price has been squeezed lower we saw a false breakout at the end of September 2014. Since this breakout we have seen price create this descending wedge. More recently price broke out of this wedge, retested the trend line, before...
Looking at a long opportunity here on the USDJPY for a few reasons. The first is a retest of our previous outside return and the second is the descending wedge pattern that exist. I'm typically not a wedge, triangle, flag, or pennant trader, but I am a structure trader so when all the starts are in align I take it. SYNDICATE members I'm producing a video as we...
This is what I've been talking about for the last few weeks. We're about to see a three-drives pattern completed within this year-long wedge, and it just happens to be at the exact point where the bottom of the wedge meets up with the long-term trendline. I'm currently short until we break down out of this small blue descending triangle within the long-term...
Since making the top at 580.99 the PA created the megaphone pattern (descending widening wedge). The swings within the wedge made an astonishing pattern. PA retraced exactly to the 78.6 - 88.6 fib. zone on every single swing low. No coincidence, since this occurred 4 times so far! According to this, the next swing lower should retrace to the 78.6 - 88.6 zone...
No Pasaran! - i.e. "They shall not pass!!!!!!" The upper red line opens for the bulls way to the level 18,000. And then what? Another half year rally. thepatternsite.com en.wikipedia.org