Here is a very simple outlook on the current market structure using John Murphy's Fan Principle.
The principle basically uses 3 trend points that are acting as resistance in the beginning of the trend then all 3 trend points turn into support, signifying a trend shift.
Will this play out? I am unsure. This is not my typical form of technical analysis and I will not be using this as my basis for trades, but it is something to keep an eye on.
The principle basically uses 3 trend points that are acting as resistance in the beginning of the trend then all 3 trend points turn into support, signifying a trend shift.
Will this play out? I am unsure. This is not my typical form of technical analysis and I will not be using this as my basis for trades, but it is something to keep an eye on.
Note
Tested the red trend line again.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.