As we can see, price behaved textbook like where the breakouts and pullbacks occurred.
Even the sine-wave swing- pullback to the U-MLH is just perfect.
Price climbed up to where it is going over 80%, to the centerline (white fork).
On its way up, it found support at the centerline of the shiffed-fork twice (slanted blue fork).
After reaching its target at the centerline (white fork), price pulled back as expected, never really breaching its centerline resistance from the white forks centerline.
And here we are - at the centerline of the shiffed-fork, finding support again, and backed by the natural support from the previous highs.
1. Price has potential to go north again, because of all the supportive facts. (centerline, natural support, swings...).
2. Price has potential to go down to the Big-Boy's Warning-Line (WL1), because it never pulled back to it.
Choose your own move or just stay on the sidelines until something interesting show up.
A nice high close would benefit the long idea.
Then waiting for the pullback to enter with stop below structure.
If i can grab a pullback, i'l take it.
My Goal is at least the U-MLH (blue) or the Centerline of the white fork.
The blue CL. is now a high potential support for the market, because the "mean reversion" is fulfilled.
After such a hard break of a Forks line, we can expect a pullback to it. Some concept as with the break of a support or resistance - no magic, just method.
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