This chart looks very realistic. Altho, it can drop more than 5.6k as well.
On a side note, I am slowly losing faith in Harmonics. I have a feeling that Carney was too biased when working on Harmonic patterns and exaggerated their accuracy. When you are totally clueless about market direction, they are good to get an idea about potential direction, otherwise, other TA methods including those based on gut feelings are more reliable :)
Keep it up mate, I like your style.
BatRat
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@hkh222, i agree with you, harmonics are very tricky, it can change anytime and switch to another one. i see harmonics everywhere, you can even find harmonics at 5m charts :)
I just try to keep simple, when i draw this kind of harmonic, i get help from Fib Spirals, Gann Box, Fibonacci Retracement and of course other facts about current trend etc.
Thank you for full of information comment :)
cI8DH
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@BitComRat, Now I know why it looks realistic :)
Your welcome mate, I should be the thankful one for your efforts and sharing them ;)
TreeTruffle
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@hkh222,
yeah, I love harmonics and hear what you're saying. I think incorporating Supply and Demand zones provides a reality check for target areas.
TreeTruffle
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love your charts!!!! mega inspiration.
Taking a crack at incorporating astrology w it all.
BatRat
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@TreeTruffle, thanks :), it is very nice chart too..
On a side note, I am slowly losing faith in Harmonics. I have a feeling that Carney was too biased when working on Harmonic patterns and exaggerated their accuracy. When you are totally clueless about market direction, they are good to get an idea about potential direction, otherwise, other TA methods including those based on gut feelings are more reliable :)
Keep it up mate, I like your style.