1762.55 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 1762.55 is broken.
A peak is formed in daily chart at 1916.50 on 06/01/2021, so more losses to support(s) 1875.15, 1848.50, 1828.25 and minimum to Major Support (1762.55)...
Gold is still within an ascending channel on the higher time frames.
However, the price has been moving within a descending channel on the H4 chart and now the price is at a confluence area.
If the ascending channel/ trend-line holds we should see a bounce and the price will test higher levels. Look out for reversal from the 1890 zone.
Break above 1904 will...
I have identified a finished zigzag in a long-term wave 4.
Why I think the Zigzag is finished and the higher-degree trend is ready to resume?
We have seen a waves A and C which clearly subdivide in five waves. The wave 5 in wave C appears to be truncated which is very rare, however, given the wave 3 extreme course, I still give high probability to this wave...
This pair looks healthy for an upside push before we see a strong bearish sell-off. My first upside target would be the imbalance fill, the second target is the previous high.
Once we see rejections at these points we can flip the bias to sells and look for long term bearish trends.
As we can see on the chart, last week the EURUSD pair managed to break the support area and the bottom of the uptrend channel and continue its downward movement.
According to the chart, we see that this EURUSD pair is moving in a downtrend.
The EURUSD is expected to continue its downtrend by testing the broken channel to the lower support area
Bitcoin price could squeeze here for a second before potentially breaking out of this mini descent, then turning the upper trend of this channel into support giving the bulls a chance to target the 42k level early next week. If this level is rejected we are likely going to see a sub 30k USD bitcoin in the short term.