Potential double top under major resistance. Looks too easy to be true?
potential iH&S forming after extended downtrend
price approaching resistance on declining volume RSI div
.786 fib retracement into major support level
This idea goes together with the current situation in the S&P500. If the S&P500 holds current critical support and pulls off another bull run, then the Gold bear flag scenario could play out.
potential bear flag formation at resistance level on declining volume
up move getting weaker with declining volume reaching major resistance
potential trend reversal inverse Head&Shoulders with declining volume at the bottom of a downtrend
- bounce from LVN - bullish RSI divergence - tweezer bottom candles - potential double bottom forming
bullish trend retracement - Fib cluster - LVN - falling wedge
USDJPY bullish continuation - 0.618 Fib retracement - 1.0 symmetry Fib projection - LVN - slight hidden bullish RSI divergence
confluence of - fib 0.5 - fib 0.618 - fib extension 1.272 - fib time 0.618 - MACD divergence - MACD bullish cross target: - measured move - OB
Even if I'm not a fractal guy I have to admit that the correlation is quite amazing. The 2018 bear market really looks like a time compressed version of the 2014 bear market. Interesting to watch...
Usually the volume is the highest on the left shoulder followed by the head. Here the right shoulder has the highest volume though.
If this C&H plays out then it would support a bullish outlook with a target of $11150. However, unless a pattern is not yet accomplished, it is not relevant for a trade.
If price stays above the blue trend line then this could be considered as a retest of the breakout form the long term downtrend. The increasing volume during the recent price increase is a bullish sign.