From the low 1046 price has expanded by the golden ratio 1.618.
1046 * 1.618 = 1692.43
1692 from the low 1046 is 646 points which expanded in two squares.
646/2 = 323 points
1st square
1046 + 323 = 1369 (where price held strongly )
2nd square.
1369 + 323 = 1692
Price broke through 1369 on 20th June 2019 to begin the 2nd square which hit the top 1692 on 9th March 2020.
Total time for the 2nd square = 263 days
High made = 1703 ( 1703 - 1369 = 334 points)
263 * 1.272 = 334 (This is a 1 * 1.272 square)
Now if we reduce it to a perfect 1 * 1 square of 263 points we will have,
263 Price * 263 Time
From 1369 : 1369 + 263 = 1632
This level will be the top end of the 263 * 263 square which might offer some strong mid-term support.
Also, the current swing high advanced from 1562 to 1703
1703 - 1562= 141 points
50% balance level of 141 = 141/2 = 70.5 points
1703 - 70.5 = 1632.5
The larger swing from 1446 to 1703 advanced 257 points
1703 - 1446 = 257
257 * 0.272 = 70 units
1703 - 70 = 1633
Below 1632 we would have 1622, 1605 and 1595 to watch.
1576 - 1581 level is the next stronger support after 1632
Typically after a completion of a range square, the 0.382 Fib retracement level would offer some mid term stronger support
334 * 0.382 = 127.58
1703 - 127.58 = 1575.5
Please these levels are valid so long as 1703/1708 holds as top
1046 * 1.618 = 1692.43
1692 from the low 1046 is 646 points which expanded in two squares.
646/2 = 323 points
1st square
1046 + 323 = 1369 (where price held strongly )
2nd square.
1369 + 323 = 1692
Price broke through 1369 on 20th June 2019 to begin the 2nd square which hit the top 1692 on 9th March 2020.
Total time for the 2nd square = 263 days
High made = 1703 ( 1703 - 1369 = 334 points)
263 * 1.272 = 334 (This is a 1 * 1.272 square)
Now if we reduce it to a perfect 1 * 1 square of 263 points we will have,
263 Price * 263 Time
From 1369 : 1369 + 263 = 1632
This level will be the top end of the 263 * 263 square which might offer some strong mid-term support.
Also, the current swing high advanced from 1562 to 1703
1703 - 1562= 141 points
50% balance level of 141 = 141/2 = 70.5 points
1703 - 70.5 = 1632.5
The larger swing from 1446 to 1703 advanced 257 points
1703 - 1446 = 257
257 * 0.272 = 70 units
1703 - 70 = 1633
Below 1632 we would have 1622, 1605 and 1595 to watch.
1576 - 1581 level is the next stronger support after 1632
Typically after a completion of a range square, the 0.382 Fib retracement level would offer some mid term stronger support
334 * 0.382 = 127.58
1703 - 127.58 = 1575.5
Please these levels are valid so long as 1703/1708 holds as top