To put things in perspective, the Daily chart is showing a descending triangle formation. If volume comes into play as expected, prices should rally towards the trendline around 131.00. That would essentially put the bearish Shark pattern in play. Back in Mid-March, Gold sold off heavily around 133.00/133.50, leaving me all the more confident a retest will, at...
Now, I don't necessarily feel inclined to go short here but I can't ignore the signal. A bearish Cypher pattern has formed on today's gap open. Could we see prices fall to fill that gap? Maybe, who knows? A quick glance at the Daily will show the trend is up so I'd pass on this one. Then subsequently look for an opportunity to buy low, if this Cypher does indeed...
I see that we've recently completed a short-term AB=CD pattern. It was actually structured extremely well, with price reacting to the Golden Ratios beautifully. What intrigued me, however, was how the Volume played a factor, at least retrospectively. I didn't point this out on my chart but here's how: From the bottom of A up towards to B, high volumes produced...
I wouldn't say I'm expecting a minor correction or a major one for that matter anytime soon, but a reading like this on a smaller TF would alert me. I will remain bullish and view a fall in prices as an opportunity to buy. Major support break would change my sentiment.
Coordinates are accounted for and displayed on chart. I've been correct on predicting we'd turn at point B and C but it wasn't worth noting as I didn't see those as opportunities to trade. I also use Tick Volume on Metatrader to help further my cases and will watch for an increase as we approach the PRZ.
I believe the S&P will continue to trudge higher until we begin to see great sell pressure at highs leading to the long awaited correction. This Gartley, along with RSI/MACD divergence and high VOL at the lows, presented a nice opportunity to buy relatively low in hopes of another push towards the highs.