Right now we are testing the support price range between 8150-8250, at the time of writing this $366 below the median line. Return to this median seems very possible, and here are my ideas for when that will happen. Lets look at three scenarios.
The first being a breakthrough of the old sloped support line (test 1) then a breakthrough of the old sloped resistance value (test 2) before the 23rd, which would leave me to believe a return to the median line by November 24th.
The second being a breakthrough of test 1 but not test 2 by November 23rd, retesting support at 8188. If it does breakthrough test 2 by this time it will probably return to the median by November 26th. If it fails to pass test 2 price will continue to fall towards the 7800 support level and rebound to median shortly after.
The third scenario is failing test 1 and the old sloped support line becomes new resistance, and we fall to 7800. Return to median by beginning of December at the 8150-8250 level.
Questions or comments always appreciated.
The first being a breakthrough of the old sloped support line (test 1) then a breakthrough of the old sloped resistance value (test 2) before the 23rd, which would leave me to believe a return to the median line by November 24th.
The second being a breakthrough of test 1 but not test 2 by November 23rd, retesting support at 8188. If it does breakthrough test 2 by this time it will probably return to the median by November 26th. If it fails to pass test 2 price will continue to fall towards the 7800 support level and rebound to median shortly after.
The third scenario is failing test 1 and the old sloped support line becomes new resistance, and we fall to 7800. Return to median by beginning of December at the 8150-8250 level.
Questions or comments always appreciated.