Hi
I have become interesting with WTI Oil chart.
Similar situation you can observe on Bitcoin chart but on the opposite site of the chart.
According to GWT (shown analysis are based on it) price must make three swing: first primary swing, secondary swing and second primary swing. But what we see on the chart are formations of only two swing.
They become smaller and smaller. Trough of each swing is higher from the previous one and peaks are lower from the previous. We should expect huge price explosion on the end of this strange cycle.
The next SR level 69.32 is at 50% of the long candle. Momentum is sliding to the down side with reasonable strength.
Momentum Support line (on RSI) should give hard time to changing direction momentum. Price remains inside brown channel. last peak almost reaches upper line of rising brown channel.
Let’s monitor this market, it will be interesting to see what this unique swing configuration will bring at the end.
please write any comments if you have one.
cheers,
Jim
I have become interesting with WTI Oil chart.
Similar situation you can observe on Bitcoin chart but on the opposite site of the chart.
According to GWT (shown analysis are based on it) price must make three swing: first primary swing, secondary swing and second primary swing. But what we see on the chart are formations of only two swing.
They become smaller and smaller. Trough of each swing is higher from the previous one and peaks are lower from the previous. We should expect huge price explosion on the end of this strange cycle.
The next SR level 69.32 is at 50% of the long candle. Momentum is sliding to the down side with reasonable strength.
Momentum Support line (on RSI) should give hard time to changing direction momentum. Price remains inside brown channel. last peak almost reaches upper line of rising brown channel.
Let’s monitor this market, it will be interesting to see what this unique swing configuration will bring at the end.
please write any comments if you have one.
cheers,
Jim
Comment:
Automatic correction problem with G.W.T. it is standing for Goodman Wave Theory.