Selling seemed to reach its peak in the last week of September and the ensuing price rally and pullback was able to keep support at the lower warning line for the Schiff Modified Pitchfork (Gold LW1). Nevertheless, I’m not convinced it will last longer. The term’s downtrend has run its course. Short Term I see a sliding parallel (Gold SP) and the midline above it. The downtrend, i.e. the downtrend vector from the 2021 highs, remains intact. If the Cable is a Sliding Parallel (gold SP), Schiff Modified Parallel center line (gold dotted line), TDST resistance at 1.175 (red horizontal line) and cloud tops, GBP may be out of the woods Think! These hurdles are a tough road and only time will heal the wounds of the lingering sell-off that has been going on since the summer of 2021.
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