Looking for the turning point S&P500 (part 2)
The RENKO chart gives a helping hand for estimating the market turning point. As RENKO is a mono-dimensional chart and has no timing component in it, the FIB-time is distributed on the probable highs or lows as extracted from the bar chart by the conversion in the software system. We can see here on the current RENKO chart that the 2nd Fib-Line of the highs is overlapping with the lows. We can interpret therefore with some convidence that the current green brick will be finally become a red brick and that we will see the market turning point by all means in the development of the current brick.
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