Goodmorning,
Remember this is just for educational purpose. To build discretion as a trader and continue to improve.
Today we predict a move at XAUUSD.
The price is in an uptrend.
After it hits a pretty significant structure level it developed a Head & Shoulder pattern.
The head and shoulder pattern broke and also the previous outside return was broken to the downside.
This means that the uptrend is no longer valid and we could see a reverse.
When we drop down to the 240 chart we saw the price pushed back into the .786 fibonacci level.
(also got a .618 level hit on the current impulse at the daily chart)
It developed a nice double top.
I think we could see a push lower into the next support area's.
I also updated the previous prediction.
Lets see what happens.
Remember this is just for educational purpose. To build discretion as a trader and continue to improve.
Today we predict a move at XAUUSD.
The price is in an uptrend.
After it hits a pretty significant structure level it developed a Head & Shoulder pattern.
The head and shoulder pattern broke and also the previous outside return was broken to the downside.
This means that the uptrend is no longer valid and we could see a reverse.
When we drop down to the 240 chart we saw the price pushed back into the .786 fibonacci level.
(also got a .618 level hit on the current impulse at the daily chart)
It developed a nice double top.
I think we could see a push lower into the next support area's.
I also updated the previous prediction.
Lets see what happens.
After the trend was confirmed the price pulled back into the 50% retracement and developed a double top on the 1H chart. This could've been a very nice intraday opportunity.