We have been in the same longterm fork since 8k we are yet to break out here is where we are sitting currently above our upper midline attempting to test the high region or head back down to the midline.
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here our move at a positive trend triangle breaks up triangle width theory it brings is up to 5200 I'm seeing more downside myself though here is why....
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1, 2 . 3 all have 1 thing in common as with pitchforks when we are in the high region(blue) above the (red) we want to retrace to the mid (RED) as the opposite for the bottom blue notice the lower fork text near our old previous bottom...
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so where do we stand right now you guessed it in the high (blue)
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this long green box which is the 0.50 fib level depending if we fall and where within this box will dictate a lot to our future pricing
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so these 3 sections are going off the theory we explained earlier of 1,2,3 and now possibly 4 and how we have always retraced to the midline(red) from the high section(Blue) so (if) we fall we have a few options. The Yellow line far left we fall early we land around 2850... section 2 (green) 2500-2550 notice the highlighted area. Why is it highlighted just to follow the width triangle theory if it breaks down that gray section is our width of the triangle and we are hitting the midline strong confluence but, strong means little ..... Yellow line (3 to the left ) it's just randomly placed 2300 area and last our red line also I understand this line is above our fork but, the where it drops is not accurate but, drop itself is here we see a 2k area and with my following post we have more confluence to this point.
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So confluence to our green highlighted section - 2500-2550 (2 to the left ) we have 2 green horizontal lines drawn to the far left (April) heavy support ... our red section same as the first lines to the left we have minor support lines but... 2 different sections from our falling tops I fib extended and we saw 1.618(2096) 0.618 (2067)
I will show you these direction sections next...
I will show you these direction sections next...
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These are the 3 points of each so you can see where I took each from top (point 1) Bottom (point 2 ) High(point 3) ....... so is anything here set in stone no do I believe we will trend to new lows, yes I do I feel we will hit 2600-2100 area before we hit 5k but, I am no financial advisor nor should this be used as financial advice just charting what I see .....
Happy trading
Happy trading
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lost original chart but, press play on original target hit for the upside new chart soon
Trade closed: target reached