McClellan's Chart in Focus shows a large triangle on a daily chart. The gist of hsi articles is that he looking at a bearish surprise. The cahrt below is a smaller triangle on 4h chart with what i highlighted are near term scenarios.
I honestly have no clue about Elliott Wave counts here: should Nov 8 top be labeled A (bearish count) or should Nov 20 bottom be labeled A (bullish count). For a good EW analysis check this blog. I like his analysis.
EW aside, I will simply be trading breakouts from or reversal within the triangle. Price break below the black uptrendline tells me gold is likely to test the bottom of the triangle.
P.S. Gold is starting to test that black line as I write. 6 dollars down within 10min. This metal moves fast.
I honestly have no clue about Elliott Wave counts here: should Nov 8 top be labeled A (bearish count) or should Nov 20 bottom be labeled A (bullish count). For a good EW analysis check this blog. I like his analysis.
EW aside, I will simply be trading breakouts from or reversal within the triangle. Price break below the black uptrendline tells me gold is likely to test the bottom of the triangle.
P.S. Gold is starting to test that black line as I write. 6 dollars down within 10min. This metal moves fast.
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