Extending that bottom megaphone line pretty closely matches the downchannel fractal set by past downturns.
You can see here we collapsed through the blue 5Y peak trend that called the last 3 peaks handily. It did set new growth adjusted highs this time but only for a few days before the trend proved too much to bear ;).
Then we bounced off the bottom of the magenta 1Y Peak Channel and megaphone bottom to go up and EXACTLY kiss the peak of the 5Y Channel that we knew would be very hard to break and hold above.
Guys the market is like a living organism, it'll react around all these fractals because it's the only way it can see clearly in Hyperspace.
Then we fell through the purple support box structure, powered through the bottom of the 1Y upchannel and are heading for a break under the 5Y peak channel as well.
Will be an interesting, long overdue ride to March local bottom, should have another runup here still to another local peak likely on Biden admin signing new stim before then.
You can see here we collapsed through the blue 5Y peak trend that called the last 3 peaks handily. It did set new growth adjusted highs this time but only for a few days before the trend proved too much to bear ;).
Then we bounced off the bottom of the magenta 1Y Peak Channel and megaphone bottom to go up and EXACTLY kiss the peak of the 5Y Channel that we knew would be very hard to break and hold above.
Guys the market is like a living organism, it'll react around all these fractals because it's the only way it can see clearly in Hyperspace.
Then we fell through the purple support box structure, powered through the bottom of the 1Y upchannel and are heading for a break under the 5Y peak channel as well.
Will be an interesting, long overdue ride to March local bottom, should have another runup here still to another local peak likely on Biden admin signing new stim before then.
Comment:
We got a 2H candle almost exactly testing the entire purple box structure...
Comment:
Got a clean retest of the 5Y Peak Channel top as expected...
Data analyst with a passion for best fit lines B)
