This update adds some detail to my previous analysis. (This is a log chart on the 1-week timeframe.)
I am not making any price predictions, I am simply pointing out the price to look for to start each month if the current price trajectory is maintained.
If you didn't see my first analysis, the estimated dates for the current cycle high and low are simply...
I decided to chart an average of the last two cycles going forward, using the average number of days to the highs and lows respectively, and high and low trendlines. This is a 1 week chart on the logarithmic scale.
The raw data that I used was:
Average number of days to cycle high: 448
Average number of days to cycle low: 941
My thesis revolves around the stubborn resistance at the 19,144 level. (The (now) dark green horizontal line.) I believe that it will prove to be equally strong support following the next correction.
If the 30% correction that everyone expects is indeed coming, then we can expect that the point where the correction begins is 30% greater than the last strong...