Yes, it appears he wants everyone to know his appendage is very large.
As you pointed out, this usually means it is not particularly impressive at all........or his use of it would likely be poor....or both......
Anyway, AZY, which has slightly messy levels, and that usually infers a higher than average retail involvement (who buy and sell at unorthodox levels and make the chart levels unclear).
The recent upbar on the week ending 13th April, drew out increased supply as it moved higher, and showed there were sellers waiting for price to rise (so they can sell into it...which will most likely thwart any serious push higher).
Importantly, there has not been any serious downside follow through in response to that bar (so sellers have not chased price lower).
The last few weeks have seen price repeatedly dip lower and recover, which is usually done to challenge any sellers to come out.
And is also a tactic used to help clear out some of the supply waiting above, prior to any acceleration higher.
I agree that price appears poised to make another attempt at a push higher.
I also note that last week's trading has left a potential spring on the chart (circled), so price is on the springboard.
Weekly Chart.
I did comment on the Gold chart on the XSO thread over the weekend, here is the copy of it (below), if there anything more I can add to help, let me know.
Gold Futures (GC) saw price continue higher this week in response to the potential reversal the previous week. Price has put in another higher low recently, but as can be seen, it was a relatively deep pull back, & increased supply was drawn out. So while the expectation is probably for a higher high to be put in next. I won't be surprised to see price instead put in a little test of that blue line below, to challenge any sellers to come out, before any serious push higher occurs. Currently this chart still looks positive, and if the recent supply issues have now been overcome, I still expect price to make a decent push higher towards the two blue lines above.
