Gold Is Setting Up A Swing To Its Megaphone Top
Trader Moe | May 14, 2017 12:58AM ET
Gold Elected to Bottom in the Critical Decision Wave of its Red Price Channel and is Setting Up a Move to the Blue Megaphone Top
Gold formed a price channel (red) on its move down from its April high and elected to form a bottom in the critical decision wave of the price channel.
Gold is now breaking out of that price channel as it forms either an inverse head and shoulders (green scenario) or megaphone (purple scenario) bottom for a swing to the top of the blue megaphone.
That swing could put in the top before a move down into the 700s, or gold could stay stuck in the blue megaphone for a while longer as it forms a big triangle between 1400ish and the 1050ish low.
I posted the long-term gold scenarios here .
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