so i cleaned up the last post i made in my mind and took this route instead, using the last full market cycle to measure my circles from. quite interesting to say the least. we either fall 50+ % to the next pink band down, or we fight to reclaim the blue band. there really is no other way it can be, if these macro fib circles continue to be respected as flawlessly as they have been. (i actually have a massive grid on my own chart, just cant realistically show that all in a comprehensive way, so i just used the main levels to watch for)
the pink band in question is the 4.618 band from measuring the previous two market cycle local tops. you can clearly see, when we lose the support of that band we drop 50%. when you connect this previous top with the top of 2018, the blue resistance band, the 1.618, acts as a kind of key level to break to become parabolic. we range between the 4.618 (pink band) of the previous two tops, and the 1.618 (blue band) of the more macro tops. between october and december this year, those two bands will have a few months time where they intersect, along with many other key points that arent on this chart. reclaiming support of this blue band, the 1.618 of the may top and the 2018 top, (at the moment around 69k, nice) would unlock an entirely new set of fibonacci levels that we can play with
g0nzo
⋅
the blue band will be the launch point to the pink band, which level of the blue band remains to be seen
g0nzo
⋅
g0nzo
⋅
g0nzo
⋅
i expect to see a struggle between these levels. those lines are separated by the volatility of the march when corona started, so there could very well be a discrepancy in where the trend is respected. you can clearly see each candle wicks perfectly to the yellow line and then the yellow line is in fact used as the launching pad of the bullrun. what this means is that another 30% drop to where the blue, pink, and yellow lines all meet, would essentially place us at the exact point in late 2019 where we had another 50% drop. very interesting indeed