EDIT: Updated version below. Added fib-channel, adjusted bear pennant and added some icons.
So... we've arrived! We are definitely in that despondent phase where no one really wants to trade. And we still have no clue where we are going, thanks to China. I discovered the "Fib Speed Resistance Fan" and applied it here to see if any patterns emerged. Apologies if it's cluttered. I believe we are still falling, but we won't cross 400 or even touch it due to its strong shield before it.
Slightly different than my previous chart, but still basically the same. Since we are at the golden trendline, there is a strong possibility of following it out of the bear... which I didn't show the bear trendline on here but it lands on the upward trend on May 11th. We really should have dragged out the bear trend to May 11th but of course we didn't. If it wasn't for China, I'm sure we'd have a healthy stagnating bear trend all the way out of the triangle. With panicky China in the mix, it makes it difficult to predict where we are headed.
If by the 1st we are still holding on to the golden road (or higher), BUY! ... because that's the lowest you will prolly get.... unless we drop to that other market bottom that suggests we are in a much larger bubble than we realized.
So... we've arrived! We are definitely in that despondent phase where no one really wants to trade. And we still have no clue where we are going, thanks to China. I discovered the "Fib Speed Resistance Fan" and applied it here to see if any patterns emerged. Apologies if it's cluttered. I believe we are still falling, but we won't cross 400 or even touch it due to its strong shield before it.
Slightly different than my previous chart, but still basically the same. Since we are at the golden trendline, there is a strong possibility of following it out of the bear... which I didn't show the bear trendline on here but it lands on the upward trend on May 11th. We really should have dragged out the bear trend to May 11th but of course we didn't. If it wasn't for China, I'm sure we'd have a healthy stagnating bear trend all the way out of the triangle. With panicky China in the mix, it makes it difficult to predict where we are headed.
If by the 1st we are still holding on to the golden road (or higher), BUY! ... because that's the lowest you will prolly get.... unless we drop to that other market bottom that suggests we are in a much larger bubble than we realized.
