Since my last video post, price banged it's head precisely at the L-MLH and fell back to the virtual Centerline (red-dotted). This is no surprise, because more often then not, we see test/retest after one of the Fork's lines are broken. At this time, price has a good chance to turn trend, since it's stretched and most of the longs have puked out the last...
Now that price failed the second time at the U-MLH, the rules tell me that there's a very high chance to shoot ...oh sorry...to short Tweety §8-) Target would be at least the Centerline (as explained in my free course material - see footer). Be aware that earnings are ahead next month! P!
On my private blog (see footer), I teach about the pure Action/Reaction and show prove of concept on the ES-E-Mini. Here we have Gold and this shall be a tiny appetizer, before you grab the whole menu. Watch and learn. P! §8-)
This is how Action/Reaction roughly works: 1) take the center of a major swing 2) mesure back and 3) project it forward. Observe how price is acting/reaction at the R-Lines. This is the same principle like: "If you push to a wall, the wall is pushing back." On my new Blog-Post for registered FreeFTG members, I'm going into details about this technique that...
In this video I explain, why there's a good chance that the drag could be over. I talk about: - Forks ...of course ;-) - Action/Reaction - Weekly/Daily Charts - Drag & Pressure P!
Price is gaining momentum to the upside. Lets see if we can break 2700 and break higher to continue again towards the middle median line.
Price has started to rise to the upside after hitting 2682 as support. We are not at resistance at 2698 so price needs to break through with a possible retest as support to continue higher.
Price is consolidating at support here at 2682 level and also warning line 1. Look to see if we can bounce here from support to the upside.
Price is at possible support on the marked sliding parallel, trying to go higher. look to see if price rises from here over the next week.
Price has come down to 2684 and bounced. Look to see if price continues to come dwn to 2675 to find possible support.
Price is near support at 2684. Look to see if price can gain some momentum here and try to push higher past 2698. If we drop look for 2675 and 2663 areas as support.
Price near the top of a sliding parallel here. Look to see if price can continue higher. We look a bit over extended at the moment, so price may drift down slowly before finding support again.
Price has stayed at support at 2684. Look to see if price is going to hold here and try to rise again to warning line 2, or if we will pull back to 2666 and 2650 areas.
Price is moving along the warning line 1 as support. Look to see if price rises from here as it is possible to try to retest 2698-2700 area.
Price is coming down to find support. Look for 2681 and 2675 as possible areas of support. We may be in a range before possibly trying to go higher.
Price is breaking out of the fork. Look to see if price will come down to 2675 and find support.