A drop of -74% from ATH to the local lowest point which counts 220 days (bars) in total. Such scale of declines are historically followed by pullback or even establishes a start of high $$$% bullrun (not yet in our case). At the earliest stage of pullback from decline, it's still unclear whether we're encountering dead cat bounce effect or impulsive bullish wave. So to cut the risk, I'll take the mathematical minimum of my expectations and zeroing in take profit style trading. So with current TF settings, pullbacks from falling are usually around 38%. The multi-fractals have been exposed within the drop. If the lowest local point won't be broken, sooner or later we'll deal with the pullback of general decline. Obviously such drop curves the market's average volatility. Such contrast isn't left by market out of equation, it certainly changes market structure. So if we don't break below into new lows, we should consider the massive pullback in respect to -74% overall fall. Each of fib units are there to be treated as take profit. Here we can see each significant drop and reaction to it.
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Narrowing into triangular flat, moving to breakout
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Turning point in matter of moments. Volatility and volume increase expected.
Good description of the idea and technical analysis of the chart! Checked the cluster analysis and do not doubt the idea) Already waiting for the exact workout.
Vladgen
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I love it, similar to my fib log channels but more advanced. Today's candle looks like it wants to finally close below "1 fib.