More Support & Resistance (s/r)
Charts 1 & 2 looked at the market from a Weekly perspective; Chart 3 drops down to the daily time frame and focuses in on the market for 2015.
Dropping down to the daily time frame shows us more detail which aids in identify s/r’s.
Blue s/r’s 1 & 2 show us the first structure or pattern that occurred at the beginning of the year: a wedge. The Green channel, s/r’s 3 & 4, define the wave or lift out of the wedge. I have also added 2 light blue s/r “zones” (z1 & z2) which define areas of significant support & resistance - as opposed to a specific price level that we get from a standard trend line.
All we have done in Chart 3 is frame the market action that can be seen at the beginning of year. Four trend lines define the market movement as well as the lift out of it.
(article continues on chart 4 linked below)
Charts 1 & 2 looked at the market from a Weekly perspective; Chart 3 drops down to the daily time frame and focuses in on the market for 2015.
Dropping down to the daily time frame shows us more detail which aids in identify s/r’s.
Blue s/r’s 1 & 2 show us the first structure or pattern that occurred at the beginning of the year: a wedge. The Green channel, s/r’s 3 & 4, define the wave or lift out of the wedge. I have also added 2 light blue s/r “zones” (z1 & z2) which define areas of significant support & resistance - as opposed to a specific price level that we get from a standard trend line.
All we have done in Chart 3 is frame the market action that can be seen at the beginning of year. Four trend lines define the market movement as well as the lift out of it.
(article continues on chart 4 linked below)
Andrew J.D. Long, MFTA
MATASII.com
MATASII.com
