On May 9 I highlighted the wedge GOLD found itself in.
On May 14, price had broken the wedge and looked to break to the upside.
However, my caveat was that to confirm the breakout, we needed to see price stick around at the new highs it had more, or retest the trendline from above.
And this is why we wait for confirmation!
The breakout, and failure with price now back in the wedge is bad news for the pulls.
And I'm interested in a short, adding to their misery.
However, just in case the bears are about to get a similar kick in the teeth, lets wait for the breakout lower..and once again, either a retest or for price to remain lower.
On May 14, price had broken the wedge and looked to break to the upside.
However, my caveat was that to confirm the breakout, we needed to see price stick around at the new highs it had more, or retest the trendline from above.
And this is why we wait for confirmation!
The breakout, and failure with price now back in the wedge is bad news for the pulls.
And I'm interested in a short, adding to their misery.
However, just in case the bears are about to get a similar kick in the teeth, lets wait for the breakout lower..and once again, either a retest or for price to remain lower.