SHORT FROM RESISTANCE ZONE
The ending topping pattern of the current cycle has a 402 weeks projection completing on 26/09/2022
Price from the first top in 2015 dropped 568.51 points which is 1.4142 ratio expansion of the square's vertical magnitude.
That was also 57% correction of the entire advance from May 2000,
Currently the square ends on 26/09/22 and price is hovering around the 0.618 level at 143.171
A correction can begin from this level,
however a stronger signal will be a price and time combination if price reaches the 0.707 level at 146.731 on the 26/09/22 time axis.
A second scenario will be if price breaks through the 0.618 and reaches the 0.707 level any time sooner then a sharp correction will end on the time axis.
Trade safe and good luck.
Price from the first top in 2015 dropped 568.51 points which is 1.4142 ratio expansion of the square's vertical magnitude.
That was also 57% correction of the entire advance from May 2000,
Currently the square ends on 26/09/22 and price is hovering around the 0.618 level at 143.171
A correction can begin from this level,
however a stronger signal will be a price and time combination if price reaches the 0.707 level at 146.731 on the 26/09/22 time axis.
A second scenario will be if price breaks through the 0.618 and reaches the 0.707 level any time sooner then a sharp correction will end on the time axis.
Trade safe and good luck.
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.
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.