GOLD - Megaphone bear fake-out formed bullish engulfing!
- As shown in the chart, clearly the 4th wave I predicted in my previous megaphone pattern analysis has completed.
- We had a fake-out this morning with price making an attempt to breach the lower descending support of the pattern however failing after the NFP result
- NFP result provided the expected rally off support, and subsequently has formed a TEXTBOOK bullish engulfing candle
** 5th Wave is now commencing, and I expect it to reach 1580-1600 (conservative estimate)
** We will need to break the midpoint resistance of the pattern @ 1535 first to fully confirm the start of the 5th wave.
Congratulations to everyone that capitalized on this move!
- We had a fake-out this morning with price making an attempt to breach the lower descending support of the pattern however failing after the NFP result
- NFP result provided the expected rally off support, and subsequently has formed a TEXTBOOK bullish engulfing candle
** 5th Wave is now commencing, and I expect it to reach 1580-1600 (conservative estimate)
** We will need to break the midpoint resistance of the pattern @ 1535 first to fully confirm the start of the 5th wave.
Congratulations to everyone that capitalized on this move!
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