Here is a very simple outlook on the current market structure using John Murphy's Fan Principle.
The principle basically uses 3 trend points that are acting as resistance in the beginning of the trend then all 3 trend points turn into support, signifying a trend shift.
Will this play out? I am unsure. This is not my typical form of technical analysis and I will not be using this as my basis for trades, but it is something to keep an eye on.
The principle basically uses 3 trend points that are acting as resistance in the beginning of the trend then all 3 trend points turn into support, signifying a trend shift.
Will this play out? I am unsure. This is not my typical form of technical analysis and I will not be using this as my basis for trades, but it is something to keep an eye on.
Comment:
Tested the red trend line again.
