I'VE COMBINED A NUMBER OF STRATEGIES TO GENERATE THIS IDEA BUT ALL ARE PRETTY SIMPLE. THERE IS A PATTERN FORMATION TAKING PLACE. I'VE PLACED THE D POINT AT A STRONG LOOKING SUPPORT THAT I'VE ELLIPSE TO THE LEFT, (YOU WILL HAVE TO SCROLL LEFT). FIB RATIO CONFLUENCE IS WHAT IS USED TO GENERATE THE PRICE MOVEMENT, ALL THE PULLBACKS ARE SOLELY ON THE 50% BECAUSE OF THE PREVIOUS SEQUENCE OF 50%'S. ALSO THERE IS AN AREA AT THE TOP OF STRONG RESISTANCE, WHICH I'M EXPECTING TO HOLD IT'S GROUND JUST ONE MORE TIME. I'M EXPECTING A 38.2 PULLBACK WHEN TARGET IS ACHIEVED, AND THEN A STRONG MOVE UPWARDS TO BREAK THE STRONG RESISTANCE. THE PRICE MOVEMENTS IV'E LABELED IN RED AND GREEN IS ONLY A GUIDE SO I CAN BETTER FOLLOW THE PRICE ACTION. SOMETIMES THE PRICE ACTION GOES EXACTLY THAT WAY, BUT OTHER TIMES IT GET THROWN OFF. LETS SEE HOW IT PLAYS OUT, AND AS ALWAYS, I'D LOVE TO HEAR WHAT YOU THINK.
Ah, nice chart :D Its pretty similar to what I have here right now.
DayFarrell
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nice! i missed that bear move, i can see it now on your chart, that's why two is a bad ass one.
DayFarrell
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correction, premature 2nd target.*
DayFarrell
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we can see premature 1st target due to sloping trendline 1.2829 instead of 35, as specified on chart, i'm looking for a pullback at .2815 which will fulfill the current cypher in painting, but since its so close to the target, i'm not too convinced its worth the risk to take such position, it all depend on how it occurs also, strong move, wait till target, fighting move, cypher.
Ah, nice chart :D Its pretty similar to what I have here right now.