Loading ...Gold Spike & Ledge
I’ve been watching this pattern materialize over the past 2 trading days. I don’t think it’s a pennant which would have broken last hour…I think the lower ledge is the trigger for a fall, if it occurs. Trigger is an hourly close below $1,315.
For those not familiar, here is an idealized scenario:
Interesting, looking forward to see how this transpires…
It’s a pretty solid trading set up that I first came across reading Raschke’s “Street Smarts” many years ago. One of the most practical trading set up primers out there for sure. I forgot to mention that the target for a ledge breakdown is the underlying consolidation area…in this case ~$1,260-$1,270.
Cricky – all the way back down to that dungeon? Tell me it isn’t so, Mark, tell me it isn’t so…
It will be below $1315 shortly Mark
I am expecting it to go down until Friday or Monday next week