I don't know how to explain whatever role the "market maker" has in this situation but it matches the profile well and has played out the whole profile the last time it went up. Using that measured move technique or harmonics or whatever you call it, a second move up of the same proportion would put it at around 114 where it would top. I'm imagining this as being inverse to the stock market dumping possibly, and it going up as a safe haven migration because stuff starts tanking. It also broke out relative to those two previous tops for what thats worth.
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Believe me or not but I drew that squiggle back as it was breaking out. I think it is winding up for a big move higher to what I anticipate as being the distribution phase.
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Im thinking we might have a stop run here.
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AlbCM
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time-wise, yes, it should top by June'18, but how did you get 114?
Jopendus
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just as a clone of the breakout leg using the .382 as a rough anchor to define the bottom of the consolidation range, I notice things happen in pairs a lot, like the previous rise in 2000. It's a rough target.
AlbCM
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would you clarify more? I agree that 2000 looks very similar and also that the top should be lower than the previous highs of 121 but can't get anything lower than 116