A follow up chart to "Gold in a time consuming wave 4 pennant".
The 13 vs 34 day EMA hasn't made a bullish cross to confirm a bullish wave count.
The RSI an AO has bottomed in beginning of november but failed to make a positive divergens.
The wave 4 pennant will "reset" them both around the zero line and make the positive divergens in the 5th wave down.
Orange line on the chart is showing the PRZ for a 5th wave if is has the same length as wave 1.
Yellow line is measuring the pennants opening and project a target (PRZ).
PRZ is around the 1050/1060 handles
Safe trading ladies and gents!
Short term neutral to bearish
Intermediate bearish to neutral.
Bullish in march
BLawrenceM
Music at work: youtube.com/watch?v=DOkcaSbtLtE
Just for fun: cinefamily.org/films/the-gold-rush-original-1925-version-chaplin-in-march/
The 13 vs 34 day EMA hasn't made a bullish cross to confirm a bullish wave count.
The RSI an AO has bottomed in beginning of november but failed to make a positive divergens.
The wave 4 pennant will "reset" them both around the zero line and make the positive divergens in the 5th wave down.
Orange line on the chart is showing the PRZ for a 5th wave if is has the same length as wave 1.
Yellow line is measuring the pennants opening and project a target (PRZ).
PRZ is around the 1050/1060 handles
Safe trading ladies and gents!
Short term neutral to bearish
Intermediate bearish to neutral.
Bullish in march
BLawrenceM
Music at work: youtube.com/watch?v=DOkcaSbtLtE
Just for fun: cinefamily.org/films/the-gold-rush-original-1925-version-chaplin-in-march/
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