Feb and Apr 2018 bull runs (inspired by hkh222 and SpectreX)
Today I’m sharing with you another pattern I’ve noticed, this time with as a parallel to this February’s price action. Big players seem to be taking profits at certain levels after they sell: roughly + 15%, +30-35%, and +50%, then they repeat this for both smaller (but still sizeable, roughly -5-7%) and bigger dips. So after the present fall to about 8650 (-11%), they could take it directly to 9700-9950 and drop it to 9251 from there, before going for 11200-11700 (if all the way to 13k is to be seen, but I would be very cautious). Whether they follow this February’s scenario or previous 2014 market correction is to be seen, but the rules of the game are changing, and new patterns seem to have evolved, including many double tops and confusing those shorting this market on margin, so be aware of this and use stop losses!
Again, big thanks to SpectreX and hkh222 for inspiration and discussing price patterns with me many times before, and to hkh222 for patiently explaining to me how charting works.
Again, big thanks to SpectreX and hkh222 for inspiration and discussing price patterns with me many times before, and to hkh222 for patiently explaining to me how charting works.
Comment:
Of course a drop from here to 8300-8400 (or even lower, compare my previous post) is still a possibility, and then the Take Profit levels would need to be readjusted based on the new low.
Comment:
Time-wise, I wouldn't be at all surprised to see the new highs around the time of Consensus conference (14-16 May).
Comment:
If the pattern holds and if this is our low for now, expect also smaller drops around 10100-10300.
Comment:
bullish Feb pattern shouldn't escape the green rectangle through the bottom edge below 8800; if it does, this means that the more probable pattern to follow is the 2014 parallel (see my other post)
Comment:
I meant both the green and the violet rectangles (levels -- irrespective of timing). Too many rectangles, I suppose, but I hope it's still legible. Remember you can zoom in/out on the chart and move the time frame and the price line by dragging it from one side to the other (best to 'catch' the prices from the top and drag from there, which I learned way too late).