Flag Pattern
Flag pattern is a continuation pattern.
We have two flag pattern types:
1) Bullish Flag (on the chart)
2) Bearish Flag (Upside down version of bullish flag)
Flag pattern usually consits of 6 waves and CAN‘T
cross 50% of the flagpole ! (0.5 fibonacci level)
If this happens,then it is invalidated and no more taken as Flag pattern.
In this case,when it crosses 50% (usually 0.618 fibonacci level), we can talk about AB=CD pattern.
By the way,my bias on gold are bullish
We have two flag pattern types:
1) Bullish Flag (on the chart)
2) Bearish Flag (Upside down version of bullish flag)
Flag pattern usually consits of 6 waves and CAN‘T
cross 50% of the flagpole ! (0.5 fibonacci level)
If this happens,then it is invalidated and no more taken as Flag pattern.
In this case,when it crosses 50% (usually 0.618 fibonacci level), we can talk about AB=CD pattern.
By the way,my bias on gold are bullish
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