These are GANN angles of these movements.
At this moment the price is deciding.
It HAS to cross BOTH yellow lines to regain the BULL POWER
So the decision ALGO goes like this:
IF price BREAKS upside BOTH yellow lines: BULL POWER
IF price does not BREAK the two yellow lines, two possibilities:
1. RANGE -> mixed BULL and BEAR power
2. a BEAR pivot in direction of the next downtrend angle.
as always: patience 'till price decides what to do.
(but Tesla is in permanent bull mode! COME ON!, some may say... For those I would say, "THE TREND IS YOUR FRIEND... UNTIL IT IS NOT"
At this moment the price is deciding.
It HAS to cross BOTH yellow lines to regain the BULL POWER
So the decision ALGO goes like this:
IF price BREAKS upside BOTH yellow lines: BULL POWER
IF price does not BREAK the two yellow lines, two possibilities:
1. RANGE -> mixed BULL and BEAR power
2. a BEAR pivot in direction of the next downtrend angle.
as always: patience 'till price decides what to do.
(but Tesla is in permanent bull mode! COME ON!, some may say... For those I would say, "THE TREND IS YOUR FRIEND... UNTIL IT IS NOT"
a big candle broke the yellow angle, but there was no continuation - and (against Gann advice, I trade this setups with LIMIT orders, so if you trade like this, the order 2 ticks above the high of the candle was not activate...
now you can start to trust a down trend WHEN and IF the price closes below the downtrend yellow line.
IF price does not break this line, hardly gonna go down. And if price stay between the upper trend and down trend yellow line, it is a mixed BULL and BEAR force acting over the price, so the most probable outcome in this situation is a RANGE.
To think angles, degrees, etc, is a very different kind of price action, but for those who likes this kind of stuff, a good toolset (as so many others too)