#Abcd trading pattern full#

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#Abcd trading pattern full#

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Moreover, the drop below the 100-Day EMA at that point exceeds the two dips below the 100-Day EMA from February and March. If the 61.8% retracement is reached, it would put gold clearly below its long-term uptrend line. Extended ABCD patterns means that the CD leg of the decline is extended relative to the AB leg by the Fibonacci ratio mentioned. That potential support area is also indicated by the completion of an ABCD pattern extended by 161.8% at 1,915. The next lower target level below the 100-Day EMA is the 61.8% Fibonacci retracement at 1,912. These are somewhat bearish signs and indicate that downward pressure remains. It subsequently closed just below that price zone, below the uptrend line, but above the 100-Day line. Yesterday, Thursday, gold completed a 50% retracement at 1,944 and an ABCD pattern that was extended by 127.2% at 1,943.