Ok, enough with the preaching, from what I can see we are following a pretty similiar pattern to 2014 as we all pretty much realize by now however something I did just notice today was how we have been consolidating/ coiling between the 200 day moving average adn the 500 day moving average....the fact that we have been ranging in an ever decreasing area screams to me a violent move is coming. That begs the question, will it be up or down?
Based upon the 2014 , the declining channel we are in and the looming death cross between the 200/500 I would say we break down from the 500dma instead of breaking up from the 200dma and we begin searching for a real capitulation candle. Also, looking at the history of hyperwaves a breakdown below the phase 3 line has pretty much always resulted in a return to phase 1...in this case that would be around 1k.
Note- If you are not familiar with hyperwave theory please look up a guy named Tyler Jenks on twitter or go find the "hyperwave" channel on youtube. I think Mr. Jenks is one of the best analysts in the space.
Ok, off to the lake for me, as always please feel free to leave a comment or a chart or a like below!
Watching 4950 as inmportanty pivot