In this chart we can see what appears to be an ending diagonal triangle or Wolfe Wave pattern forming as a signal of the market's exhaustion on the long side, which will call for a return to a more fair price level, and a continuation of the dominant trend eventually.
For now, I'll wait for entry signals in this turbulent market and watch how this geometry unfolds over time.
I defined some key level lines and price targets for point 5 and 5', and a potential 1-4 line target down.
Major props to both David Alcindor and Tim West, who've been a great help in trying to understand what the markets tell me.
Have a great weekend folks, cheers.
Ivan.
For now, I'll wait for entry signals in this turbulent market and watch how this geometry unfolds over time.
I defined some key level lines and price targets for point 5 and 5', and a potential 1-4 line target down.
Major props to both David Alcindor and Tim West, who've been a great help in trying to understand what the markets tell me.
Have a great weekend folks, cheers.
Ivan.
