Focusing on resistance when rising and support zones at falling stage. Next breakout will determine the direction of mid-term price movement.
We got to be careful here because US indices are overheated.
UPDATE of fractal configuration of $GE
I had to make it so detailed.
Market is panicking as a reaction to negative report, specifically about unsatisfying figure of Earnings Per Share. Eventually, it will make a decent pullback because of new fundamentals coming up.
Crossing above orange dashed line is a possibility to retrace further to 0.786, yet it plays role of local resistance when price touches it.
Crossing below red line is a sign of reversal of the trend.
Space between red and green area is a demand zone on lows and supply at highs.
Psychological level is 1.18224. Be cautious at levels inbetween...
Price breaking above red resistance line is the first sign of recovery.
Price going deeper in greener demand area is the actual place of recovery. Though the nearest yellowish part of the chart is a local resistance.
Price breaking out blue curved line is a confirmation of reversal.
Common fractal is circled.
Gonna rocket with upcoming news on successful covid-19 vaccine tests.
The more it stays side-trending in current levels, the more powerful pump will become, once price breaks out of curved triangular formation into safe range colored blue.
Anyways, zoom out to see where the green support zone comes from, because it is based on key lowest parts of the chart.
For General Electric shareholders.
There is a risk of a further decline if negative fundamentals will keep adding up.
Psychological level still plays role of a support.
Breaking below PL might trigger short-term panic sale.
In that condition, the next demand point for a assumed reversal would be anywhere price touches 1.618 fib channel.
Significant levels in terms of fib relationship considering timing and trend intensiveness.
The scheme will be used as a reference work for breaking down the chart of a smaller TF in next ideas of AUDUSD
EXPERIMENTAL SERIES OF FRACTAL RESEARCH WORKS
NOT FOR TRADING
How can fib spiral affect and decrypt the randomness of fluctuations in financial markets.
Logical deductions are yet to be voiced.
I had to recustomize all settings and adapt the scheme to daily TF.
Fib ratios are extended in (1, 2)
It's a little more helpful to see the crucial fluctuation on daily time frame rather than weekly.
You can check if your own targets are expressed in terms of fib intersections. If they coincided, look at the date.