Time for update.
Last projection was about a target zone between 6.8k and 7k. We kinda reached it with 6.833k. See here :
Right now 1D is neutral in regards to the spectrum. Extended histogram doesnt help to position ourselves toward bulls or bears. You recognize here a pattern that i highlight for a certain time (ABCDE) which on paper gives a outcome.
Scenario B ) It happens that E is a wick. Meaning that a dip occurs with a rapid buy back in the :
But in my opinion this is not how a ABCDE is formed. ABCDE doesnt have WXY between each letter. It normally goes ABC=A then ABC=B .. etc. Thats why i favor a lateral extension in the b scenario but 1D is neutral which force me to have a probable scenario in hand.
I didnt putted the MA100 by inattention. Im convinced that if price can sustain above the MA100 the market will move towards new highs. We are fighting it right now as it offers good resistance when prices are rising as you can see. At this point, indicators under 4H are not reliable to have a short term prediction.
My TA tools that i recommend to be prepare on this move is 1D and 1D MA100 (and of course ). Since the correction as begun, each time we broke the MA100 the price felt, but this time, if price sustain over it we could have a signal.
What is MA100 (taken from web) : 100-day Moving Average is a mid-term trend-following technical indicator. It uses last 100 days or 20 weeks data to analyze the movement of stock prices. When the price of a security is above its 100-day moving average it is considered and when the price is below, it is considered .
Pattern : http://www.forexabode.com/images/forex-s...