Since i rely mainly but not exclusively on Fibonacci analysis, 160 ish price break (retracement from 2008 highs) made me reconsider next level, that is 187$.
Cycles, boxes and symmetry seems doing the job here. I am looking for a pullback around 158-159 (trendline from 2000 and 2008 highs), and mean reverion on MA34. I am mixed on this sentiment of a pullback to this level since this rally is not extended as many might think but still hard time to see this going up during summer... After that it'll be new ATH around 187$ before Christmas and then down on a bear market for 444 days (50% of bull cycle, like 2000 and 2008 correction).
A lot of things are pointing for a correction, that is why i was a bear at 160, but this has me reconsidering a last push up until Christmas. Also, as a day trader one of my rules is don't fade the trend until confirmation of reversal. from this point of view there is no correction yet and i should trade upside trend.
Good luck on your trades!
Comments
AmsterdamWhale
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thnx for the great work, it takes some of the more surprisingly symetrical happenstance that for most makes some lovely shapes and that's all - and drags it into the bright glare of day. I wonder, is it possible for me to remove studies at will and then replace? I have a hard time with the business.. I mean I cant see through some of it whatsoever -0 it isnt an aethetic concern, but a ledgibility issue
BEI
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On second thought, I will rely on my first long term analysis, i believe that prices don't necessary have to go higher. I based my choice on synchronization will overall markets, speed lines, trendlines brakes since 2009 and 2012 rallies (third time is the charm) and intuition of wave formation recognition. Cycle analysis above of this study only tells me to watch for a range first that can last until Oct-Dec before the big correction.tradingview.com/v/Xvc2A6Qk/
CoinedByCrypto
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Damn! That cycle analysis just makes it better and better. I agree and is also looking for that area around christmas/beginning of 2014. What a christmas present you just presented. Nice work Antos :)