IS BMW about to correct 60% in September?
Updated
On the above monthly chart price action has grown 200% since May 2020. A number of reasons now exist to consider a cautious outlook. They include:
1) Bearish divergence. 5 oscillators now print negative divergence with price action as measured over an annual period. This measurement is equivalent to previous corrections.
2) Three rising wedges are shown. The age of each wedge is measured. Statistically a wedge shall breakout 70% into the formation.
September 2007
Age: 2281 days
Breakout: 1581 days, 70% into formation
April 2015
Age: 2042 days
Breakout: 1432 days, 70% into formation
September 2024
Age: 2374 days
Projected breakout: 1673 days, August / September 2024
3) Lastly the candle now currently printing for the month of April, a hammer candle.
Ww
1) Bearish divergence. 5 oscillators now print negative divergence with price action as measured over an annual period. This measurement is equivalent to previous corrections.
2) Three rising wedges are shown. The age of each wedge is measured. Statistically a wedge shall breakout 70% into the formation.
September 2007
Age: 2281 days
Breakout: 1581 days, 70% into formation
April 2015
Age: 2042 days
Breakout: 1432 days, 70% into formation
September 2024
Age: 2374 days
Projected breakout: 1673 days, August / September 2024
3) Lastly the candle now currently printing for the month of April, a hammer candle.
Ww
Trade active
Down 12% so far. Be patient for the full 60%.Comment
Down 25% now.
35% to go.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.