In my previous post I noted that in cases of contrarian move price will end Fibonacci R1 weekly resistance. Move exhausted itself already.
Though DeMark projection sends slightly here - but classic DM projections work only in 60 percent of times. If we do more conservative breakout projection (for the current move) we already outperformed it.
The current ongoing breakout is mirroring the previous major bullish breakout having 1 and 3 breakout DeMark (DM) qualifiers missing. So they both will end as false breaks. Those are unnatural unsustained breakout actions, most likely from ECB and SNB. The national banks can somewhat push the price but not sustain the moves in the long run.
The major bearish breakdown was different and more serious (natural) on the other hand and it sends price below all the lows.
Note weekly CPR is very thin and we noted that this week is going be volatile. Thin CPR dont act as strong support (though it did in the beginning) - they are usually pierced back and forth with volatile moves.
For educational purposes only.
Though DeMark projection sends slightly here - but classic DM projections work only in 60 percent of times. If we do more conservative breakout projection (for the current move) we already outperformed it.
The current ongoing breakout is mirroring the previous major bullish breakout having 1 and 3 breakout DeMark (DM) qualifiers missing. So they both will end as false breaks. Those are unnatural unsustained breakout actions, most likely from ECB and SNB. The national banks can somewhat push the price but not sustain the moves in the long run.
The major bearish breakdown was different and more serious (natural) on the other hand and it sends price below all the lows.
Note weekly CPR is very thin and we noted that this week is going be volatile. Thin CPR dont act as strong support (though it did in the beginning) - they are usually pierced back and forth with volatile moves.
For educational purposes only.
Comment:
DM 3 breakout qualifier is a projection of difference between pre-brekout candle´s close and its low from the pre-breakout candle´s close to the trendline. If it goes over trendline breakout is unnatural and unvalid.
Comment:
Pre-breakout candle has to be bearish in the opposite direction of a break. On minor timeframes it looks like a pre-breakout pullback. Such breakout would be considered natural. Study DeMark 3 breakout qualifiers and 3 DeMark projections. DeMark followers developed also additional 4 and 5 qualifiers which can be applied to analyze breakouts.
Comment:
Yearly Fibonacci R1 held the very top of massive bullish move we saw in early March. See -
