Gold 3x (JNUG) -- A Chart of Sheer Beauty

16 sie 2019

This chart is an illustration of sheer beauty and an illustration of the power when all key harmonics come together. Those of you who follow me by now probably notice that I do not post all the time. I am a swing trader, who prioritizes high probability trades that are in line with its natural cycles, but also emphasizing the equality of price and time as a universal measure. You may be thinking this chart is nothing of value, due to the fact I have arrows pointing in both directions. Well it is true, that the open on Monday August 19th is a key turning point for gold, in either direction, and the chart doesnt make which clear. I believe the low in the market will occur this coming Monday and the market will take a bull trend up testing the all time highs until september. But until the chart concurs and we get a signal reversal bar with higher bottoms, I will not speculate at this time. For gold, Monday/Tuesday could be a major turning point in either direction--and the indicators are confused as well..

Explaining the chart:
-The box with blue and orange is my support targets with the lowest support target being reached (support drawn using the secret angle method)
-Price is hanging on the upper andrews pitchfork, and appears to make a bounce or break through the larger pitchfork.
-Price is at a .618 fib retracement
-Price is making a perfect measured move to the downside (see green trendline)
-Price is meeting its 55th bar (a fibonacci number which is a common turning point)
-Vertical lines are Gann timing analysis of the square the range (note how well past verticals worked when squaring the range)
-Note the arc acting as support (using equality of price and time)
-Price is at an extreme of the SMA (usually a good turning point and another way to test for measured moves)

Thanks for following and more to come.
Happy trading!

JNUG
GOLD