The price is held from the top by:
- Green volume zone;
- Grey falling trend line
and from the bottom by:
- red S/R zone clustered with
- 78,6% - of Gartley
- grey ascending trend
I envisage the next moves as shown by the turquoise arrows. Let's see how far does it get us =)
I am looking to short at 1753.
Should gold manage to hit that level in a nice and swift price action we should see at least a decent reaction due to a pretty tight Cluster of:
- Strong harmonic formation - Crab
- 0.886 of the whole downtrend;
- wide Head and Shoulders formation with the left shoulder at 1747.47 earlier (not visible in this shot) and also a local...
Having had a closer look at it the 61.8 was not too precise and now we have just about booked the FTP.
OB and the 161.8 have not yet been clocked and are still within the acceptable area for the FTP pattern.
Should we violate 1760, the first scenarion gets cancelled out and the alternative next major reaction could be in the next region approx. 1730