We printed the DCL today.
Before posting a detailed gold update I just want to go through how fantastically worked the Fibonacci on this way down.
1. First we broken down the lower trendline of the uptrend channel (1321$). This level was the FIBO 23,6% retracement also. Notice how we spent 3 days to break down this FIBO level on the 13-14-15th Sept.
2. The next level was the FIBO 38.2% (1299$) this was also the breakout level and the 50 EMA . It was a possible level to print the DCL. Many traders were tricked out at this level. On the 25th Sept seemed we printed the DCL but it was only a false swing.
3. At 1281$ we had the FIBO 50% retracement and the consolidation before the breakout. We bounced only for one day from this level. It was an important sign and I missed this sign. It was obvious that we needed to go lower from here. I started my first longs from that level . It was a bit early..
4. Around 1263 we had the FIBO 61,8% , and at 1253 $ the 100 MA and the triangle trendline . I saw this level as the possible maximum low of the DCL. Today's low was at 1261.
As at the close of today we printed a bullish pinbar and a key reversal I'm very convinced the low is in for this daily cycle.
Before posting a detailed gold update I just want to go through how fantastically worked the Fibonacci on this way down.
1. First we broken down the lower trendline of the uptrend channel (1321$). This level was the FIBO 23,6% retracement also. Notice how we spent 3 days to break down this FIBO level on the 13-14-15th Sept.
2. The next level was the FIBO 38.2% (1299$) this was also the breakout level and the 50 EMA . It was a possible level to print the DCL. Many traders were tricked out at this level. On the 25th Sept seemed we printed the DCL but it was only a false swing.
3. At 1281$ we had the FIBO 50% retracement and the consolidation before the breakout. We bounced only for one day from this level. It was an important sign and I missed this sign. It was obvious that we needed to go lower from here. I started my first longs from that level . It was a bit early..
4. Around 1263 we had the FIBO 61,8% , and at 1253 $ the 100 MA and the triangle trendline . I saw this level as the possible maximum low of the DCL. Today's low was at 1261.
As at the close of today we printed a bullish pinbar and a key reversal I'm very convinced the low is in for this daily cycle.
