We are in a slight ascending triangle at 9 degrees on the hourly chart. Volatility drops by about 25% each swing indicating short term consolidation prior to breakout later today. VFI indicates short term bearish trend but long term sentiment is still bullish, the breakout may retest 44k but can't rule out break north and retesting 47 and 48k. Would watch...
Applying historical angle trends to current market. Historical: 2017 ATH closed that month on the same angle trend the FIB retracement posted to the ATH , when overlayed against the start of the trend versus lowest low. Current/2021: applying that logic to the current trend we arrive at 1530 for the monthly close. Note: I am still relatively new at TA so...
Referencing YTD channel volatility and direction, forecast wave 5 sustaining ~60k USD by end of Week 1/early Week 2 March. Accounting for the Elon factor here, the Tesla news triggered an overbought divergence north of channel within range of historical volatility (~13%). Correction this past week within historical volatility below channel (~13%) to resume...
Caution: I am a novice trader, mostly practicing, but welcome any feedback. Thanks! I expect it to test support in the low 30s, if it breaks below support at ~30k, expect it to drop to 28.7k, then 25k.