We built this chart on December 15th and provided candle-by-candle targets until recent unwinding in price.
Now, for those familiar with positive divergence, they must have recognized the relevance of the 758 hinge line, and may have started to salivate about 36 hours ago at the formation of a bullish pinbar, which started to define that positive divergence.
At this point, we would be a bit premature to say that price is about to rally, but given the nature of the chart, we will leave at re-affirming our Bullish outlook for this chart.
OVERALL: Unless 758 fails to act as support, our directional bias remains positively bullish, with recent "Dead-On hits acting as soft resistance levels, and 1020 offering the strongest overhead pushback expectation. Still, our prop data maintains targets as defined in the chart.
For your own protection against all this speculative play, do the due diligence, and trade what you understand.
Cheers,
David Alcindor | 4xQuad.com Happily volunteering as TradingView.com Moderator
Comments
ChsaDos
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Your "Dead Hits" are ~$20 too low :D
4xForecaster
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Thank you @ChsaDos - From now on, add that $20 differential and you'll get ahead of the crowd. If you can produce consistent and successive targets, that is.
ChsaDos
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I am detecting a bit of negativity as a result of my toungue in cheek comment - was not supposed to be a jab. If you look at my chikou span trend lines I am essentially doing exactly what you are - drawing trend lines where there has been consistent pivots. This seems to be essentially what you are doing. I believe I asked you a few weeks ago about this and you said it was this + some sort of "secret" ?
4xForecaster
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@ChsaDos - Oh, no ... Please, ChsaDos, do not translate any of the tone as negative. I was going along with your jab as well. I was actually laughing at your comment, because it demanded so much accuracy, and I understood the humor behind it, hence my reply.
The "secret" is really an accumulation of research done off of non-price elements, such as RSI, volume, and hidden market geometries. A lot of obscure stuff that allows me to zero in on targets.
... plus/minus $20.00 - :-) !!!
ChsaDos
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Haha ok good! Maybe a new indicator can be the @ChsaDos +20? :D
4xForecaster
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Now, I will offer that one covertly called "moless20dollah"