The top that we marked actually worked and reversed the price okay what now?
Short answer not so clear, but there are few ideas around it:
as you can see the frequency seems to have changed to the pink fork which is a short term and one of my favorite types of forks, but this kinds of fork are not so valid not until we see the Median line so no trades here but we can have a good indication of where might be heading the first 2 guesses are those energy points that i marked but when? only if we get below 41700.
There is a failure strategy of pink fork which should be confirmed, how? when the fork retraces to a fib level the size of the fork it self, it should bounce of it and never get to median line, only then the price can travel upto 1.272 / 1.618 of fib extentions, this retracement usually happens at 0.618 which is a close one to 41700.
long story short if we keep breaking lows (which is what's happening right now which the low seems to have been broken), as pitchfork probability says, we can goto Median line low with 80% probability and it's the best DIP that can happen, why? since the fork voilated the median line and broke through it, the chances that the price can bounce of the Lower paralel line are so high so have that in mind if that happened.
I'll update ya soon if something catches my eye
Good day to you all!
Short answer not so clear, but there are few ideas around it:
as you can see the frequency seems to have changed to the pink fork which is a short term and one of my favorite types of forks, but this kinds of fork are not so valid not until we see the Median line so no trades here but we can have a good indication of where might be heading the first 2 guesses are those energy points that i marked but when? only if we get below 41700.
There is a failure strategy of pink fork which should be confirmed, how? when the fork retraces to a fib level the size of the fork it self, it should bounce of it and never get to median line, only then the price can travel upto 1.272 / 1.618 of fib extentions, this retracement usually happens at 0.618 which is a close one to 41700.
long story short if we keep breaking lows (which is what's happening right now which the low seems to have been broken), as pitchfork probability says, we can goto Median line low with 80% probability and it's the best DIP that can happen, why? since the fork voilated the median line and broke through it, the chances that the price can bounce of the Lower paralel line are so high so have that in mind if that happened.
I'll update ya soon if something catches my eye
Good day to you all!
