Nothing much has changed in the general outline of the road map for quite some time as many of you will note. However, from the previous published chart the intermediate bullish cycle appear to have completed. The 450 - 480 target was narrowly missed. This appears to be accompanied with a hidden bearish divergence where we have HH in RSI but not the price of the two points under consideration.
I was expecting like the previous run from April to June where slightly higher target and retest of the high failed to materialised seems to be reflected on this occasion too. So the now that we have relatively a deeper retracement that is uncharacteristic as a pause in the uptrend suggests that we are back in bearish cycle.
If correct then it is possible we could get a replica move to Jan to April and June to Oct not necessarily in size but only in form or look.
In any case we are looking for a 3 swing decline ie a zizgag. If there is a strong momentum we could see prices spike below the lower declining support line of the pattern as an overshoot. Otherwise 240 could be a possible zone to form this low.
Should that low hold then we could be either in a completely new bullish cycle that could at least retest the Nov 2013 high in 5 swings formation (preferred) OR strong and significant zizg to deeper retrace of the entire move from Nov 2013 high to anticipated low.
Several time measurements are there not as prediction but possible juncture where both time and price could meet and give additional confidence in expected low if that line up.
Further we might see evidence of possible positive divergence in RSI with price.
As always do you own analysis for your trade set-up. If you have alternative analysis please feel free to share the details.
Thanks for taking the time to read my analysis and comments.
I was expecting like the previous run from April to June where slightly higher target and retest of the high failed to materialised seems to be reflected on this occasion too. So the now that we have relatively a deeper retracement that is uncharacteristic as a pause in the uptrend suggests that we are back in bearish cycle.
If correct then it is possible we could get a replica move to Jan to April and June to Oct not necessarily in size but only in form or look.
In any case we are looking for a 3 swing decline ie a zizgag. If there is a strong momentum we could see prices spike below the lower declining support line of the pattern as an overshoot. Otherwise 240 could be a possible zone to form this low.
Should that low hold then we could be either in a completely new bullish cycle that could at least retest the Nov 2013 high in 5 swings formation (preferred) OR strong and significant zizg to deeper retrace of the entire move from Nov 2013 high to anticipated low.
Several time measurements are there not as prediction but possible juncture where both time and price could meet and give additional confidence in expected low if that line up.
Further we might see evidence of possible positive divergence in RSI with price.
As always do you own analysis for your trade set-up. If you have alternative analysis please feel free to share the details.
Thanks for taking the time to read my analysis and comments.
