Pms still on their slow journey upwards and staying in trend (for now). Go Potatoe Joe! Debt doesn't matter!
Bouncing up off the neckline and keeping the pattern in play so far. Looks to be going up to the next support level but it's a slow pattern to play out. That will give the stackers plenty of time for excitement and celebration on the way up!
Inverse Head and Shoulders: What the Pattern Means in Trading By James Chen, CMT is an expert trader, investment adviser, and global market strategist. Updated June 08, 2022 Reviewed by CHARLES POTTERS Fact checked by RYAN EICHLER Investopedia / Joules Garcia What Is the Inverse Head and Shoulders? An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs. KEY TAKEAWAYS An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted. It may be used to predict reversals in downtrends An inverse head and shoulders pattern, upon completion, signals a bull market Investors typically enter into a long position when the price rises above the resistance of the neckline.
I will admit watching the charts is pretty exciting haha. I don't know how to be bearish with what's happening. Since breaking the channel awhile back and a retest it's gaining strength in new levels and its cool to see it happening real time. There are too many bullish signals from multiple year chart patterns to short term and through all macro and fundamentals to be dismissive of this imo. I really think the run is on for PMs now and although costing more fiat will suck, I will embrace the suck.
RSI is overbought but that can be corrected with a little cool off. It can remain overbought for a long time anyway. Recession is always on the way down the road sometime in the future they say. Or we are in it now? The real economy has been in a recession for many years id say.
As the head and shoulders in the DXY plays out it will only benefit gold. DXY heading down to 86? Not looking good for the fiat trash. It's not like gold needs the dollar to drop, it still goes up. Even the fakery and managed numbers aren't working anymore.
So what do you guys think? Something fishy going on? If it drops down to retest the top of that channel and bounces it might be a good time to make an order?