Theory 1: Impulse.. In detail
Updated
-Closing thoughts: Price recently rejected MA 21 & MA 50 (You can't see them because I didn't want to add to the clutter.) Price also broke past 2 critical zones: high demand zone (orange) and a very strong support zone (red.) With these recent actions in mind, on top of the current RSI view, I am expecting a correction here soon around the high demand line (orange.) Once there is a clear view of reversal (or continuation,) I will seek a short opportunity and continue into the bull market. Once in the bull market my target zone will be @ the intersection of extreme demand (blue) and the old fair line price (pink) which has become a pivotal Support/Resistance.
Once we reach around the target zone I will watch closely because the momentum may change and force me to move onto theory #2 which I will link. Either way, for now I am seeking a short opportunity.
Once we reach around the target zone I will watch closely because the momentum may change and force me to move onto theory #2 which I will link. Either way, for now I am seeking a short opportunity.
Note
See "realated ideas below for theory 2 and weekly view"Note
Please forgive that awfully drawn harmonic off to the left.....And also forgive the clutter
I assure you it looks a lot less cluttered blown up
Go to share and view chart as image to get a more spread view
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