Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. Every single one of them, if properly plotted, is considered to serve as S & R. Not to mention their crosspoints. In this chart, I applied it so that only the strong movements (progressive waves in the E.W. Theory) in the trend direction penetrate the arcs and the crosspoints.
So if the weekly candle closes red, the arc resistance is confirmed together with the trendlines, making any upside to mark HH more difficult (implying a continued downtrend). Let's check this scenario. Although this is not textbook theory but my empirical analysis, the light-green shaded zones act as resistance zones like the Ichimoku cloud. Considered in conjunction with the low of 17600, we would see a large or small rebound there. However, a move beyond 25k, especially over 28k, within one or two weeks is almost unlikely, given the overhead crosspoints and the likely continued macro downtrend. Gan Fan 1 x1 (thick black) may serve as support. Watch 16500 if 17600 support is lost.
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Update. As I predicted, and as the Gann Square and arcs indicated, the downtrend DID resume- How are all you trolls doing? I hope you stay safe, Jack
@AlanSantana, Thank you for your comments and giving me coins! Your encouragement made me really happy.
Mr_Morgie
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WTF.......
i7eK
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Nahhhh lil bro, this aint it. How can you do any TA with all this obstructing your view lol. But yes to the downside indeed.
jackrabbitrage
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@AbeLugo Thanks for comment. Actually I write some pinescript and automated large part if not all of my TA, incl. even drawing trendlines.
Yes this may obstruct my view, but I can switch between the indicator view and the drawing view. My observation is actually based on both.
So for me the view problem doesn't matter so much.
Mr_Morgie
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@jackrabbitrage, If it works... and you are profitable. Power to you bro.
jackrabbitrage
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@Mr_Morgie Maybe it's difficult to imagine for those don't use arcs, but as long as it's plotted properly on specific highs and lows, there's no difference from other technicals.
There's no trendlines or horizontals that perfectly ensure reversal or anything. Some work for some trades. Works not forever. But people make prediction based on them. Same.
CryptoSlazy
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BRO this is alien level chart ...
jackrabbitrage
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@CryptoSlazy, Thanks for your comments. It wouldn't seem to make sense for those unfamiliar with Gann Square, but I dare say it's incredibly useful to locate potential S & R and estimate its relative strength. Check my related ideas if you are interested.
Namaste.