Gold could be due for a years long correction down to A level at $1052 as that is the target of this Bearish Alt-Bat given the circumstances i wont be looking for any bullish setups on gold in the long-mid term only bearish ones.
This probably isn't a good sign for extended commodities either, the only commodities i will look for signs of bullishness in are undervalued ones like copper.
Komentar
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Gold has failed to break above the PCZ of this Alternate-Bat 3 times now. I think at this point it would be worth lowering my target on this to the mid 200s
There'll be some rapid repricing now as they collect buyside contracts to flip bias and go short. **Caution on Bearish entries intra-day as extremes only will be safe & using smart entry hedging is important now these entries will be in an institutional playground. They broke out the mirror trend (which BAT traders use as ongoing confirmation the angle of the mirror trend-line was 290 degrees /Stock Market Crash Angle ) on the Weekly @1755.04 used then the rapid pre-planned-Ukraine narrative to stop hunt reset 1683.48 (3rd leg) to then extend a reset 1.146 on the BAT, a rapid 1.272 extended harmonic liquidation strike is still on the cards @2154.79 (which would represent a 900 pip commercial liquidating stop hunt and the max boundary of the internal Bullish W1 Andew's Pitchfork within the BAT & The large tail on the Monthly bar suggests the same ) the rest of the structure will form a kill-zone. 600 pip 3 minute bars will be in the mix as volatility in the markets increase for big banks position themselves for the bear market and shake off naive over leveraged traders. $1046.42 is the extended reset, $1160.19 is the optimal reset which is the retest of the Summer to Winter 2013 /August 2018 triple bottom low. $1600 is a pivot and should form a secondary kill zone against a Going LONG narrative.
SKITINI
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Remember: "Predicting future price movement is only ever about an 'Expectation' that can be reinforced by logic & experience. It's never about 'Being right'. " Don't allow your Ego or someone elses' to make you poor.
gpuric
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Why 1052$, why not 394$? Or 22$?
RizeSenpai
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@gpuric, There's nothing suggesting it will go that low.
gpuric
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@RizeSenpai, what exactly suggests it will go to $1052? Exiting crisis that practically have not begun yet? I'm interested cause I never heard bears mentioning 1000 level, the most extreme say 1400-1500.
RizeSenpai
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@gpuric, The Harmonic Pattern that i spotted on the chart suggest that it will go back to level A is on the chart. You can satisfy the harmonic targets if you make a minimum of a 50 percent retrace from low to high which would put the target at $1400-$1600 but if we are going to go for the full bearish harmonic target then what we will be looking for here is a 100 percent retrace from low to high meaning it goes back to around $1052.95.
gpuric
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@RizeSenpai, I see ..... if my grandma had testicles she could've been my grandpa.