The LT 4 point channel (blue) can be a base channel followed by a break-down into an acceleration channel, if so the price action should stay below the mid-channel line (dashed blue). However, a breach above that line (green projection) on a weekly closing basis would suggest that the 4 point channel could be a bull flag eventually leading to further upside upon a break-out above the channel.
My long term perspective looked like this back in 2011:
http://majormarketmovements.blogspot.com/2011/07/gold-lt-end-game-final-5th-is-near.html
My target was not reached, the top came sooner and shorter than expected. Where to now? There are a few counts that I can fathom, some very bullish, some very bearish, all with their own unique requirements. However, the generational support for any EW count is very likely between 850-1045ish. I will not predict that the price will indeed move into that support anytime soon, but if it did, I do think it would be a dream come true for many stackers.
---------------------------------------------------------------------------------------------------------------------------------
EUR/USD - Is possibly setting up a bearish HnS pattern, but must stay below 1.3711.
--------------------------------------------------------------------------------------------------------------------------------
Crude (WTI) - An interesting Triangle with in a Triangle pattern. We could see a 'Rule of 4' breach to the upside without a serious rejection.
--------------------------------------------------------------------------------------------------------------------------------
-NEW 15 day QG3 signal service trial-
If you are interested in receiving my daily email updates covering various markets, including my proprietary QG3 trading signals you can sign up here with new 15 day trial: http://majormarketmovements.blogspot.com/p/mmm-market-signal.html
Good Hunting,
QG
