We are near the 120D point in this thesis, just wanted to revisit and share an update. Keep in mind, this is a developing pattern and there is nothing that says it "must" complete. It's just a thesis.
I have moved the cup rim target out to 12/19 because we are still in the bottom of the cup @ around 19k. This date lines up with 1/3 of the time being spent in the "Adam" part of the A&E and 2/3 being spend in the "Eve" and "Cup" formation.
1. Invalidation would be a D1 close below 17,622.
2. Support seems to be concentrated around 18,600 +/-
3. Resistance is being found at different W1 HVN's that are noted on the chart.
4. The white TL from 32k forms an apex on 10/28 which could indicate a reversal.
5. The main TL in orange from 69k forms an apex around 10/13, and our recent dip also supports a breakout & backtest thesis for this TL.
6. TP for the A&E / C&H bottom thesis would still be around 30k, after a 50% pullback to 21,500-ish.
Going into the weekend I would expect decreased volume and a drop in price. Since we are bouncing off low levels, it is not out of the question for us to rally through the weekend. We will see.
Volume continues to increase through this pattern. which is a good sign for a bottoming pattern...this supports an accumulation thesis.
I have moved the cup rim target out to 12/19 because we are still in the bottom of the cup @ around 19k. This date lines up with 1/3 of the time being spent in the "Adam" part of the A&E and 2/3 being spend in the "Eve" and "Cup" formation.
1. Invalidation would be a D1 close below 17,622.
2. Support seems to be concentrated around 18,600 +/-
3. Resistance is being found at different W1 HVN's that are noted on the chart.
4. The white TL from 32k forms an apex on 10/28 which could indicate a reversal.
5. The main TL in orange from 69k forms an apex around 10/13, and our recent dip also supports a breakout & backtest thesis for this TL.
6. TP for the A&E / C&H bottom thesis would still be around 30k, after a 50% pullback to 21,500-ish.
Going into the weekend I would expect decreased volume and a drop in price. Since we are bouncing off low levels, it is not out of the question for us to rally through the weekend. We will see.
Volume continues to increase through this pattern. which is a good sign for a bottoming pattern...this supports an accumulation thesis.
