That is the question. To consolidate, to decline, no more, or in that drop what dreams may come must give us pause.
Aye, there’s the rub! For today anyway.
Which is where we keep our focus in this thread. Give us this day our daily breadth, I always say.
They’re definitely working on a potential reverse head and shoulders bottom that spans the past 8 days here. If they complete it, and break out topside, it could be good for the rally that fools the majority, lasting just long enough to get everyone thinking that the bull is back.
But at this point the right shoulder is not yet complete. Looking at it from the 2 hour bar perspective, they need to get to around 4410 to complete the right shoulder. Breaking out above that would have a measured move target of 4700-4720.
But first they gotta get there. The hourly chart shows us that they need to clear 4360 by the time New York opens to keep the pattern alive. On the other hand, if they break the sport level at 4280, the next target would be 4260. If they break 4255, that would break the reverse head and shoulders pattern, and would suggest that they’re headed back for a test of the low.
Finally, I’ll just observe that the hourly oscillators are dead neutral and giving no clue of which way this will head from here. Often, when cycles turn with oscillators in their neutral zones, it leads to a big move.
Meanwhile, in the bigger scheme of things.
Meanwhile, the big picture:
Liquidity With Eyes Glued to Ukraine
Gold Breakout Points To More, Miners Swing Picks Look Good
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