XAUUSD - false break?
The end of downward movement.
1. Break Downtrend line followed by spike up movement
2. Break rectangle zone with strong bull bar
After spike movement, price started make trading range
Strong resistance zone at 1239-1242 ( also 32.8% Fibbo)
Symmetrical triangle (pennant pattern) break up, but rejected at 1239. It makes trading channel now.
Indication:
1. Seller still would not let bull takes the price any further
Possible:
1. Once the price break 1240, it might fly to 1260 as projection from pennant pattern.
2. If the price break bottom channel, it would come back to previous accumulation zone.
3. Wait and see for now, till the price show the clear confirmation to take EP.
1. Break Downtrend line followed by spike up movement
2. Break rectangle zone with strong bull bar
After spike movement, price started make trading range
Strong resistance zone at 1239-1242 ( also 32.8% Fibbo)
Symmetrical triangle (pennant pattern) break up, but rejected at 1239. It makes trading channel now.
Indication:
1. Seller still would not let bull takes the price any further
Possible:
1. Once the price break 1240, it might fly to 1260 as projection from pennant pattern.
2. If the price break bottom channel, it would come back to previous accumulation zone.
3. Wait and see for now, till the price show the clear confirmation to take EP.
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