Perhaps the following will be meaningless to you, but I offer it up, regardless. I'm a "harmonic pattern" (counter-trend) trader, for the most part, so I'm always on the lookout for these "more advanced" patterns.
Above, as I highlighted on the chart, we have a possible Cypher pattern - a pattern with specific ratio guidelines which compare segments XA to AB, AB to BC, BC and BC to CD.
The rule for the Cypher is that AB must retrace between 38.2% and 61.8% of the XA segment. Once that condition is met, BC must fall between 113% and 141% of segment XA. If both of these conditions are met, then we come to "expect" price to reverse once point D is hit, if price should ever come down to that level.
Point D is the 78.6% retracement of segment XC.
According to one Jason Stapleton, this pattern has a success rate of over 70%, meaning that it "hits target" seven times for every three that it hits the trade-system stop-loss.
The target is a 38.2% retracement of segment CD. The stop-loss is set 10 to 20 ticks below point X.
By the way, point D, the highest price of what I labeled the strong buy zone, comes in at about $1,115.00.
Interesting. I think it is certainly possible... It is also possible that the same powers that have been holding metals back will prop them up...
Either way it is an interesting ride and I am glad I am onboard..
Thanks for sharing...