Something I just found interesting is the very close resemblance between the daily and hourly charts. The movements and maybe even the counts are very similar yet the timeframes are so far apart.
See the hourly chart posted below.
Comments
Dubs
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Nice find! Do you think today's 340 low on the hourly corresponds to the 275 low on the daily?
DanLaffas
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I'm not really using this as a trade tool because even though there are similarities they are not identical. I am not experienced enough to count and compare the fractals but by posting this I was hoping to attract that experience to show us. Hopefully someone can drop by and give us an explanation
Dubs
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Yea that'd be good. Would be good if the upcoming hourly bars could give us an insight into what might happen on the daily!
johnrfraser
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Do you mean the 2 week span of the hourly looks the same as the year span of the daily?
Almost as though there's a fractal bubble pattern programmed into the price?
DanLaffas
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Yeah exactly, or if it is just human nature (ie attitudes/emotions) that drives a stock/commodity in this pattern.
I've posted this on 4xForecaster and DanV charts as well to see what their thoughts are on it. This should create an interesting conversation...
johnrfraser
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Very weird. And interestingly, if that is 'the pattern' then its telling us we're at the end of its cycle and its about to start again, no?
Is 306 your low target for now?
DanLaffas
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I will be the first to say I don't exactly know what is coming. The TA in the chart should have been deleted before posting as it wasn't really what I was showing. But the 306 level refers to my stop loss level should we see a reversal in the 320-330 area as posted in my 'Catching Knives ...' chart. I will keep an eye on it but depending on where you take your fibs from, I am now thinking we could see as low as 298 before the reversal comes