I do not believe that the average human been is capable to predict anything in the future but using some of the common tools we could create an interesting point of view (of course not the only one possible...)
So here is the fresh chart:
Colorful, isn't it?
The tools I've used are Fibonacci Retracement & Expansion added to the chaos usual tools. There are two retracement start points available: First from the beginning of down move (red lines) - the two divergent bars at the top of the chart; and from the last up fractal (magenta line).
Expansion is light blue line with 61 and 100 levels.
If the up move continues (seems to be most likely: market has to rest from this deep diving) the possible target will be 78 level from 2nd retracement to 61 level of 1st retracment. Support for such idea gives us the touch of 100 level of expansion.
We have double bottom formed on Daily chart. This also support the up move point of view because before to break this level (if at all it does it) it will need some acceleration from an upper level.
We'll see...
No comments:
Post a Comment