So a couple of new items here to share if you have been following this idea. First I have switched from the 15 minute to the 30 minute chart as we had discussed earlier. The reason is that the 200 MA here on the 30 minute chart has clearly turned to the upside and I have place a small extension on it to indicate where it is headed.
Second, I have moved up my fib chart a little bit and adjusted my target upwards. I have learned when using this style of chart that as the price action moves higher the chart also needs to creep up to match the important resistance area. It's not always clear but you get a feel for it.
I would expect a retracement here at this resistance point indicated by my drawing. This is a normal retracement area and is necessary for the final push. Once the lower target is set and I see where it lands I may adjust the fib chart again. So target now 14600 to 14800 potentially.
The market is cautious, the candles have moved above an important support on my weekly and daily candle Gann charts, I reckon youre pretty much spot on here
graham.edwards84
⋅
@Nom_de_Guerre, thanks can you post your chart here too or send me a link? I'd like to check it out. and thanks for commenting... it's nice to start some discussion around it.
@graham.edwards84, This one agrees with the short slide down you are predicting, the candles should slide down the first yellow band to the arc then and continue climbing up it to the next resistance
graham.edwards84
⋅
@Nom_de_Guerre, yes I was just checking it out... great work, thank you... I'm looking at a one hour chart now to see if it will hold over the 200 and my prediction was that it won't so if it does, it will most likely send me back to my fib chart as I may move it up one full level. This then would top it out right on the downward trend line of the complex at 15800 area possibly even 16000. So I will post as soon as I have confirmation one way or the other.