Day traders' weekend lounge April 12 - 14, page-51

Gold.

A shortening of the thrust over 3 upwards waves indicates a weakening trend. The final leg up in any instrument is often very steep with high volume. This one was particularly steep and voluminous, drawing in the FOMO retail traders before ending the move.




For a sharp upwards move to have a good chance of continuing upwards, you'd want either:

1. An inverted, ascending scallop pattern (weird name - blame Bulkowski). The thrusts decrease in length, but before any sharp upwards move, there's a sharp downwards move.

2. A range representing re-absorption.

See how they're different to this pattern in gold?