This is a little bit of a bold project if the predictions or projections of simulated scenarios hit their marks, but it will also be a platform for candlestick patterns and formations analysis in an attempt to hunt for potential reversals. Previous such pivot points or reversals have been highlighted in past price action, most of them having in common the candlestick shadows that signal a support/resistance level or a break/weakness in previous momentum or change in sentiment.
The main scenario would be a crazy one involving a climb near the white rectangle, following the dots, reaching the ellipse, falling for the blue rectangle, and further slower climbing down, touching the second yellow rectangle and finally reaching the big green rectangle below with maybe a pivot point or a candlestick shadow at the first icon. The second icon is not necessarily a target as price prediction (at its specific time +- a day or 2) but it will count if it is a hit, as usually all icons carefully placed (or random) in nen projects.
The second scenario just treats the rectangles as zones of influence for potential support/resistance with a higher interest in the first yellow rectangle as a milestone that can be hit. The time stamp of the ellipse is also relevant in case any curious candlestick formations occur near or at it.
The bigger scope of the project though, is the platform that wishes to observe the price action and hunt for pivot points through Japanese Candlesticks, the elements being just for context and advanced reference (in time). Hopefully, as the first paragraph suggests, we will be able to see a similar formation pattern with several candlestick shadows that might signal a potential turnaround, although these patterns can be temporary, depending on the flow and situation in the markets.
The main scenario would be a crazy one involving a climb near the white rectangle, following the dots, reaching the ellipse, falling for the blue rectangle, and further slower climbing down, touching the second yellow rectangle and finally reaching the big green rectangle below with maybe a pivot point or a candlestick shadow at the first icon. The second icon is not necessarily a target as price prediction (at its specific time +- a day or 2) but it will count if it is a hit, as usually all icons carefully placed (or random) in nen projects.
The second scenario just treats the rectangles as zones of influence for potential support/resistance with a higher interest in the first yellow rectangle as a milestone that can be hit. The time stamp of the ellipse is also relevant in case any curious candlestick formations occur near or at it.
The bigger scope of the project though, is the platform that wishes to observe the price action and hunt for pivot points through Japanese Candlesticks, the elements being just for context and advanced reference (in time). Hopefully, as the first paragraph suggests, we will be able to see a similar formation pattern with several candlestick shadows that might signal a potential turnaround, although these patterns can be temporary, depending on the flow and situation in the markets.
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It was mentioned in the initial idea of the recurring pattern of candlestick shadows signaling the encounter of support/resistance, and a potential turnaround effect, where smart money might enter the market and change the waters. This right here could be an example of such a scenario, and a bullish wave might occur in this beauty of an ocean of British Pounds. I still stand by all potential future scenarios envisioned initially in this project. The elements in here should provide some interesting events.
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Pivot point confirmed, followed by a bullish move today. Reaching the previous highs the market met some resistance. This level is important and price action should be carefully monitored for any signs of weakness in sentiment and mood.
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The price has reached the zone near the green arrow for the scenario of a push for higher highs in the right zone of the white rectangle. From the formation of the wave it doesn't look like a bold enough one to push for the dots in the sky, but 7650 could be reached. After the first (or the most important) signs of weakness in the bullish mood, we might have to reevaluate scenarios and potential pathways for this market. Hopefully the elements in the project cand still count as potential milestones or objects for reference.
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Added vertical rectangle for support in further steps. Not sure if the price will drop or just bounce from it, but the candlestick shadow from today is a sign of potential weakness in bull sentiment.
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Potential bearish engulfing that could be the end of the bull wave.
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The price bounced at the white vertical rectangle, after a strong vertical drop, followed by the strong vertical push. Blue dot milestone today and while the bulls might keep dreaming of the stars, not sure if this will eventually touch any of the dots. The main scenario from the initial idea still holds, implying sooner or later a correction or drop. If the prices reaches the ellipse zone, this project will be considered a success.
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Blue dot.
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The first phase of the main scenario has been pretty spot on. It will be interesting to see if the next one coincides with the market moves. Quick recap: it involves bearish moves along the dots and towards the ellipse or even the blue rectangle.
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4 candlestick shadows signaling resistance up top and a potential bearish engulfing for today, near the red dot. Second red dot to be visited?
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First red dot hit.
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Scraping the second red dot and a touchdown on the vertical double arrow. This is probably the best result in a nen project, as the path was described from the beginning. Not even waiting for a further drop towards the blue rectangle.
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Hit on the second red dot.
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Further bearish aggressive movement after the hit on the red dot. Blue rectangle still seems a far fetched scenario, but so far this project has been impressive.
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Epic drop. What a ride... !
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Back at the ellipse after almost touching the blue rectangle. The main scenario envisioned a further drop for the second yellow but we might start seeing a divergence from the main from now on.
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After the deviation from the main scenario there seems to be an attempt to get back on track. Not sure if we will reach the big green rectangle, although the surface expands into may, but A very big Hit would be on the first icon in the immediate spectrum which would be of significant importance for the overall results of this project.