GOLD// Long Opportunity
Price has been moving within this descending channel for quite some time.
Price has printed multiple Harmonic Patterns with this one being a Gartley. I'll be looking for a quick "scalp" from the 1D.
This M pattern is one of my favorites because it is a reversal pattern that almost always retraces 38%. However I will be looking for a retracement of 50% to meet the TL where we will have a possible break. Many are expecting the flag to break soon however, there is still the possibility for another leg down in my opinion. Time will tell.
Let me hear your thoughts.
Price has printed multiple Harmonic Patterns with this one being a Gartley. I'll be looking for a quick "scalp" from the 1D.
This M pattern is one of my favorites because it is a reversal pattern that almost always retraces 38%. However I will be looking for a retracement of 50% to meet the TL where we will have a possible break. Many are expecting the flag to break soon however, there is still the possibility for another leg down in my opinion. Time will tell.
Let me hear your thoughts.
Catatan
If I was a MM, this would definitely be an area I'd look to manipulate price for many retailers to go long, then collect liquidity for one last push down the channel.... Regardless, I'll be looking for the quick retracement.
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