Way too early to call a bottom, but I really like the idea. So much that I went long at 22.5 last week.
If it breaks the down sloping line I'll properly be looking for bullish setups to add to this possible long term position. Very early call without any confirmation yet, I know. ;)
Fail if 22 doesn't hold (reciprocal ab=cd). Major fail if the 1.13 extension doesn't save it (alt. bat).
Merry christmas and a happy new year!
- Reciprocal ab=cd almost hit
- Bullish RSI divergence
- Upwards sloping pitchfork bottom. NB. Didn't use the extreme low for pivot A, but this fork just looks great!
- 5 waves on the way down with wave 1 and 5 being almost exactly alike (both 6 bars down with only 0.21 DKK difference in price)
- October 2014 to now makes an alternate bullish bat. A good sign of reversal would be a break above the .886 fib.
- No volume on the wide range bar down here followed by an indecisive bar and a now a close on its high (without volume too though)
- Trend-based fib time lines from the three last major pivots (ABC) defined the minor swing points pretty good on the way down and the time up starting from the alt. bat point X equaled the time down two days ago.
If it breaks the down sloping line I'll properly be looking for bullish setups to add to this possible long term position. Very early call without any confirmation yet, I know. ;)
Fail if 22 doesn't hold (reciprocal ab=cd). Major fail if the 1.13 extension doesn't save it (alt. bat).
Merry christmas and a happy new year!