- On the weekly chart, gold is very close to a massive crash. I think the bulls have no power here and I don’t even want to see a huge red candle.
- As you can see on the chart, there is a rectangle consolidation pattern with multiple touchpoints and also an ascending parallel channel that is currently breaking down!
- Next target is 1370 USD, and I think we will hit this target very quickly. After that, we want to see a strong bounce from this level, because otherwise we will go even lower!
- This is a bullish Elliott Wave count, so wave 4 should not go below previous wave 1 because this may invalidate this bullish scenario.
- Interest rates are growing, and so are bonds. We have a strong dollar and everyone prefers to hold cash, even with high inflation .
- This is not looking good for the stock market, crypto and gold at all. But you can still make money if you open a short position on the futures market or purchase some put options.
- Look at my ideas about Bitcoin and Ethereum in the related section down below.
- https://www.tradingview.com/chart/XAUUSD/QUA49HoD-Gold-Major-crash-is-prepared-18-channel-is-breaking-down/
