CFD Oro (US$/OZ)Long
#gold cup and handle chart pattern
As seen in the chart, there is a strong resemblance between the textbook cup and handle chart pattern formation and the pattern we are observing in the 4H timeframe gold chart.
As a result, there is a possibility that after the current bearish corrective move finishes, we might witness another rally to the upside.
The only drawback to the chart pattern formation in gold, compared to the textbook example, is that the bearish move has formed a 5-wave impulse rather than a 3-wave corrective abc formation. We could interpret this as an abc zigzag formation, but for this pattern to complete, we need a 3-wave bullish up move followed by another bearish move to complete leg c of an abc corrective bearish move, as illustrated in the chart with an arrow.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
As a result, there is a possibility that after the current bearish corrective move finishes, we might witness another rally to the upside.
The only drawback to the chart pattern formation in gold, compared to the textbook example, is that the bearish move has formed a 5-wave impulse rather than a 3-wave corrective abc formation. We could interpret this as an abc zigzag formation, but for this pattern to complete, we need a 3-wave bullish up move followed by another bearish move to complete leg c of an abc corrective bearish move, as illustrated in the chart with an arrow.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
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