ETHEUR triggers the pocket pivotal point on weekly for the third time (teal bar).
The previous times this happens, eth drew a pennant on weekly and after making a new high it entered the real rally.
This could mean that we will need patience over the next weeks and can buy dips ones a pennant emerges.
Going to monitor this and update ones it becomes relevant.
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The weekly is about to close with the pocket pivotal point signal.
I copied the fractal of the consolidation from the last two times this happens, adjusted by the size of the weekly bar and added the fib levels (fib levels applied only to the weekly bar).
If there is a dip, I am looking to enter margin longs near the 0.5 / 0.618 level
If there is no consolidation/correction I am happy with my spot position I have accumulated already.
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we are officially in the consolidation phase
Trade active
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started to build position today
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good chance for breakout :)
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now we will see if history repeats
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its about time
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eth failed hard and went back down to the trendline.
@koryu , thanks for the analysis but we have 4 days to complete the week. Do we need to wait till end of the week to ensure this candle formation? Please update us on weekly close as well.
koryu
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@ihancioglu, yeah, i think we need to wait for the weekly close and also see a pennant emerging, otherwise we have to dismiss the idea. It could also go straight up (which i give low probability), or blow off, also low probability. But we need to keep an open mind for any case and adjust.