Can confirm..
You can see the sentiment here is off the cliff, downtrend formed a few days ago and the squeeze (when those dark crosses turn grey on the momentum indicator) let go three sessions ago.. When the squeeze lets go in negative sentiment and in a downtrend, the price follows suit.. and the POG copped a toweling.. but I give this downtrend three weeks maybe?..
There’s a strong oversold condition here (coincidentally on the days the squeeze was off), stronger than the last four patterns since 2019, and the rebound rally occurred each time.. You can see entry signals all over the chart prior to the downtrend, this also happened the last four times before the leg ups to the 2000+ high in July/Aug.. However it’s more profound here in this pattern..
I still believe the retest of $2000 usd/oz will be coming around early-mid jan, this is just some heavy turbulence...
If anyone’s into Elliot wave theory (I analyse sentiment but I have used others in the past) in this current pattern it’s likely wave 2..
We are still circa $300 usd above the price point this time last year so it’s not all doom and gloom..
All in my opinion of course
