These are patterns made up of consecutive Williams Fractal highs. See what happens when price falls below the pink square and when MACD closes below zero. I expected the market today would shoot up and down to a new low, and it hasn't happened. Not long left now.
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My analysis done using the chart of gold that we would see a lower low yesterday did not work but we now have the MACD confirmed below zero. Could this be the first time we see a fractal low below the pink square and not spiking a lower low than the previous? Would that then confirm a break in this patterns stat? Time will soon tell.
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The only positive for Bulls could be that the MACD and histogram may be down but the histogram is still above zero, and maybe on a day like today July 12 the market could put in a performance like on May 3rd.
NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.