Seems like we managed the ideal scenario based on yesterday's post.
Although we didn't quite hit the lower black line, which would of likely triggered the crossover, I believe we're in a good position heading into November.
Current price is ~4200 which is a comfortable buffer for 4k EOM. We could see a price spike early November if all goes well.
I've charted the daily to provide some insight on my thought process so far; imo we are in a condensed version of the prior cycle. Indicators are as follows:
1 - Market correction
2 - Market recovery into triangular chart pattern (downtrend from previous correction)
3 - Double-bottom
4 - Stepping recovery pattern
5 - Sideways action
6 - Breakout
I see us somewhere in stage 5 at the moment, with a potential breakout occurring early next month. Post-cycle, I expect some sort of recovery but overall bullish.
Although we didn't quite hit the lower black line, which would of likely triggered the crossover, I believe we're in a good position heading into November.
Current price is ~4200 which is a comfortable buffer for 4k EOM. We could see a price spike early November if all goes well.
I've charted the daily to provide some insight on my thought process so far; imo we are in a condensed version of the prior cycle. Indicators are as follows:
1 - Market correction
2 - Market recovery into triangular chart pattern (downtrend from previous correction)
3 - Double-bottom
4 - Stepping recovery pattern
5 - Sideways action
6 - Breakout
I see us somewhere in stage 5 at the moment, with a potential breakout occurring early next month. Post-cycle, I expect some sort of recovery but overall bullish.
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Related publications
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.