Long term C&H seen on Gold Futures.
2.5 year support line adds more probability for the bull case.
83% rally possible in next few months.
Both Inflation & Deflation story benefits PMs.
Break of handle low negates the view.
One of the TV member asked for M&M technical analysis. Here it is.
View: Long
Positives:
1. Prevailing long term trend is bullish.
2. Possible Flag pattern seen.
3. Corrective price action with reducing volume.
Price action of last time when M&M broke above the trendline of polarity, the retracement back to the support was quick with high volume (Marked...
A flag is clearly visible on the weekly chart of Nifty with the current correction looking like a time correction in the larger scale of patterns.
It feels as if the market is waiting for a trigger to begin the final melt-up. Once the regression channel in the shape of the flag is broken upwards, it could lead to a crazy melt-up powered by FOMO. Its only a matter of when.
The chart is self explanatory. The trend is sitting nicely on a support, looking to have given a false break down (Requires confirmation). The price still hasnt breached the previous distinct low seen on Jan 29, 2021. The price action is consolidating between 1.414 and 1.618 Fib extensions of March 2020 fall, which makes it look like a time correction, instead of...
