Learning to read Price Action with P&F Charting

spot gold
no sign of a breakdown

 

trend brthen we widen the chart by reducing the box size to pick up the next supp areaeak ??

 

meant to say
trend broken...then we widen the chart by reducing the box size

 

outlook for gold
changing the box size from the previous chart and changing the plot method gave us the horizontal and trend supp at 1392 area..thin green line and purple line
looming below is the 1380 area which is a previous breakout point/prev res,,,a very wide one and a big trend supp..wide green line and orange line
then there is trend res /red at 1413 area
so..still in an uptrend ,any of these areas could get tested

 

the widest spot is support now , this chart doesn't give direction just follow move to next target up or down, once we move away from that spot, Dentist would you put up one of your spx point and figures, thanks

 

spx index 60 min

 

hi Ammo
good to hear from you
a happy labour day to all
500k hits on this thread so far
this is a better chart of spx

 

my own thoughts on the last chart
price is in an uptrend from 24 june
but now in a minor downtrend
so...we can only tell what is happening by reactions in certain areas
1.green trendline test..1620 area
prev breakout area 1624/aqua
test of res..if it bounces at at1656 area/red
then purple at 1684 area
there is also prev horizontal supp and res
so,,lets see the reaction in these areas for some direction
of course ..we can widen and narrow the chart to pick up othere areas
this chart seems reasonable... as the reaction points are not too far away from the price

 

ammo..here is the bigger picture
looks a little bearish
trend test is at 1600 area

 

have 18 20 and then 02 08 area,so they your system and mp kind of match thanks dentist