Anchored at A: 24 Jan, B: 10 Feb and C: 24 Feb's pivots.
After forming a double bottom at point C, 28 Feb's bullish engulfing closed above the median line, so I marked the 50% level between point B + C to mark the validity level of my trading idea.
I am anticipating a push into the 3.4k area mid march before seeing a minor retracement back down to around 3k where the 23.6% Fibonacci level is sitting.
A bullish daily close above 3k, and a break of the lower pitchfork's upper median line would initiate a bull run into the next strong resistance which I have identified at around 4k.
The fixed market profile tool shows me that there is a lot of volume at this area and the cross between the projected pitchfork's median line and this level creates an interesting zone of price which I predict to be reached any time from late March to early April.
I have attached a link to today's intraday chart with a 60 period SMMA where an ascending triangle is forming.
If this chart pattern is confirmed and we stay above this average, it will initiate my trading idea until we close/crash below the 50% Fibonacci level I have marked.
After forming a double bottom at point C, 28 Feb's bullish engulfing closed above the median line, so I marked the 50% level between point B + C to mark the validity level of my trading idea.
I am anticipating a push into the 3.4k area mid march before seeing a minor retracement back down to around 3k where the 23.6% Fibonacci level is sitting.
A bullish daily close above 3k, and a break of the lower pitchfork's upper median line would initiate a bull run into the next strong resistance which I have identified at around 4k.
The fixed market profile tool shows me that there is a lot of volume at this area and the cross between the projected pitchfork's median line and this level creates an interesting zone of price which I predict to be reached any time from late March to early April.
I have attached a link to today's intraday chart with a 60 period SMMA where an ascending triangle is forming.
If this chart pattern is confirmed and we stay above this average, it will initiate my trading idea until we close/crash below the 50% Fibonacci level I have marked.