Near term update to my last post (click). Shown here are several fibs of waves from different Impulses. It is the confluence areas that map the key zones of interest.
Current wave hit dense resistance in low 56k's. It looks to have enough momentum to hit 57.9k Major supports 52.8 and 48k, last stand at 45.1k
I know, "draw enough lines and SOME will hit", right? But in reality I chose only TWO points for each fib series. The rest are derived by the Golden Ratio and WILL react.
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I do not use "Fibs" in the "traditional" manner (retracements). I use Fibs to plot "Ripples" (extensions) created by "Impulses". Then look for "Confluences" to map the "interference Pattern".
My TV collection of ideas detailing the Concepts: Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5: Chapter 6: Chapter 7:
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Bubbling against 1st resistance
Progress since posting: Multiple attempts to break past 1st resistance.
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Zoom IN (5 min) around that 1st resistance Looks like bulls will push thru eventually. Bears had several chances to reject at 55,215. So odds are we proceed to the next resistance soon.
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Zoom back OUT (1 hr) and looking above: So break of "1st resistance" should pop to the "Dense res" quicklike. I labelled that "Dense" due to a cluster of fibs in that zone. So it might take a while to melt those layers in low 56k area.
And looking ahead to the higher targets: 61,000-61,256 is next "Major" resistance. 64,900-65,255 is the previous "ATH" zone.
Few minutes after posting last update, we popped to the next resistance Lets see how the battle goes this time. Last approach of 56.1k was rejected quickly but not soundly. But I do expect this zone to take some time to melt through.
Zoom IN (5 min) for a closer look at target: Not quite a Ping, early reaction. We might still go tap it or even pass it. But that reaction confirms relevance.
We topped where expected, have have since bounced on the first possible support Not ready to declare "bottom in", but good chance we break 58k from here, which would bring 61k into sight for a great "top".
Zoom IN (34 min) Of note the "Loud PING" on the local 4.236 fib "Loud" as in a rather violent ricochet.
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Zoomed way IN (1 min) With Price Label attached using the Magnet tool ,so it is exact. it was not 54k round number, but the FIB that bounced it. Off by $10 out of 54,000, sloppy I know ;)