FTE1995

GOLD - Megaphone pattern completed 4th swing with hidden bull

Pembelian
TVC:GOLD   CFD pada Emas ($AS/OZ)
MEGAPHONE / BROADENING TOP PATTERN

- Megaphone patterns occur when price moves between two diverging (away from each other) trend lines
- Upper trend resistance forming higher highs
- Lower trend support forming lower lows
- This patterns tends to play out in 5 distinct "swings", with each swing being larger than the next

** As shown in the chart I believe this large sell off to be the 4th swing within the pattern
** The addition of the evident hidden bull divergence on the indicated lows further suggests to me that this may be a turning point within the pattern
** As well as this the strong bull trend and rally prior to this patterns formation gives further bias to the upside
** If the 5th swing were to complete we would need to see a solid move past the midpoint of the pattern at 1535 as this is the most frequent failure point for this kind of pattern

THIS IS NOT A TRADE CALL
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