SOFI Long/Mid Term Technical scienceThis is a weekly chart. Today the market wicked through the consequential encroachment(CE) (CE is 50% of a wick or gap) of an old wick from the last week of July 2023 but did not close above the CE. I see this as a potentially bearish signature. Next week, if price starts closing above that CE, I would expect to see price soon go above the high of that old wick with a possible target of around 17.17—17.35.
If the market does not close above the CE then I would expect to see the market move down below 9.01 the 10/14 NWOG Low (new week opening gap low) because there is confluence with the NWOG Low (9.01), the mean threshold (mean threshold is 50% of a candle’s range) of the bearish candle from the first week of Jan 2024 (8.99) and 50% of the current dealing range (8.86). One possible target could be 8.13; the highest annotated bullish order block (OB 1W). Though the market could also have a bullish reversal somewhere between 8.86 and 8.13. Another possible target is the lower annotated bullish order block at 7.46. I favor the lower 7.46 order block because of its confluence with the mean threshold of the bearish candle from the first week of Sept 7.42 and the 25% level of the current dealing range……but we’ll see. I’ll need more data from the chart to determine if it will continue lower to take out the 6.01 level or reverse to take out the 11.70 level.
