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GBP/JPY, Ascending Triangle formingHey guys, The red line was the top of a Descending Triangle, and now the bottom of an Ascending Triangle indicating that this is a strong resistance point. Furthermore, most of the time the trend line side of a triangle breaks, so that's why I think the following pattern will happen. The purple line is the bottom of the Ascending Traingle and a possible turning point. If, you zoom out you can see a giant orange channel. Because, these channels sometimes work like a magnet it is even possible that the market will go back inside of this channel or bounce of it. Kind Regards, Khaine
by Wulvex
EURCHF price being squeezedPrice is currently forming a descending triangle pattern. Although this is a bearish price action pattern, we need to see a break of the zone before confirming. Therefore, it is safe to say there are 2 possible outcomes to price this week. Look for a break and retest of either the TL before going long to the next resistance or a break and retest of the weekly support zone before further bearish PA. My outlook is short given the higher timeframe bearish price movement
by MattWalz
GOLD ENDING TRIANGLE POSSIBILITIESOUTLOOK ON GOLD IS QUITE SIMILAR TO SILVER STILL LOOKING BEARISH AFTER PRICE WAS REJECTED BY THE MONTHLY DOWNTREND LINE AND HEAVY BEARISH KUMO WITH A GOOD BEARISH SIGNAL ON THE FISHER THERE I BELIEVE WE ARE STILL SHORT WITH ALSO UPCOMING RATE HIKES. WITH ANOTHER POSSIBLE ENDING TRIANGLE I AM HOLDING SHORT TO TRIANGLE POINT C AROUND 111.8 PROBABLY HEDGE IN A LONG THERE OFF THAT NICE RISING SUPPORT LINE FOR A CHANCE WE COULD GO UP. IF WE ARE IN FACT IN A TRIANGLE AND WE BREAK LOWER I HAVE INCLUDED SOME AREAS OF CONJOINT SUPPORT WHERE WE COULD ENTER POSSIBLE LONGS AND SOME TARGETS FOR FUTURE HIGHS.
TVC:GOLDShort
by wolfstreetswinger
2
SHORT SILVER ENDING TRIANGLEIN MY VIEW WE ARE SHORT SILVER TO 14.600 THEN LONG TO $32 OR SHORT TO 8.600 THEN LONG TO $32 NOW THAT'S ELEMENTARY SILVER CURRENTLY IN WAVE 5 OF THE DOWNTREND IS NO DOUBT STILL VERY BEARISH I AM HOLDING SHORT AT LEAST TO THE RISING SUPPORT IN THE $14 AREA BUT WE HAVE A GOOD BEARISH SIGNAL FROM MR FISHER THERE AND THE HEAVY BEARISH KUMO SUGGESTING WAVE 5 COULD SEE US BACK TO AS LOW AS $8 ESPECIALLY WITH UPCOMING RATE HIKES. ITS ALSO CLEAR THAT WE COULD BE IN AN ENDING TRIANGLE UNTIL WE REACH POINT D WHERE WE COULD BREAK TO $32 OR AGAIN DOWN TO THE 8 MARK BEFORE THE MOVE UP.
TVC:SILVERShort
by wolfstreetswinger
4
GBPUSD 4H UpdateThe dollar's volatility led to monster rallies in the Sterling, euro and Australian dollar. However, the move in the Sterling will look to digest some of its gains, as we've seen with the euro. The four hour chart shows price action is still relatively bullish near-term, but the GBPUSD is resting on the support of an ascending channel that is within a much larger symmetrical triangle. Channel support also has price action support of 1.5343, as well as a series of key moving averages. There is the potential for a 20/200 EMA bullish crossover, which could help the pair challenge the descending trend line. However, if prices begin to break down, the 72 EMA can converge with the 50 and cause a bearish convergence. Cable would seek out 1.5259 as support. In regards to the triangle, a breakout of the triangle would extend the channel. A close above 1.5441 would confirm the breakout and the upside target can be seen at 1.5519. If the rally breaks down and closes below triangle support, expect the pair to find support at 1.5120. Feel free to contact me or check out my work: Twitter: lemieux_26 Bullion.Directory: bullion.directory
by CommoditiesTrader