What to watch. If the market can hold above $10,320 and close above the MA with a downward Williams arrow that's potentially a good sign. If not then there's another leg down. I discovered this by doing some back studies using my MACD for best timing (I haven't checked for errors). Study the MACD on my chart and judge for youselves what happens where I've joined...
Added some new trend lines in. Market is looking vulnerable on the down side. I'm removing previous upside targets for now.
I'm looking for a close on 2 hour bar to hold above $10,574 on lower Bollinger line and Williams arrow down to give support. There're a number of previous scenarios that could play out back up through MA or down to close above $10,308.
Unusual Bollinger band formation cited. Price could take its time to reach $12,130 or be quick and sudden. Could then be timeframe for hedge end wave one. Will be watching pattern in Williams arrows for top and for price support as well as MA, MACD, and lower Bollinger band.
Well it broke through my $11,600 target but yet to smash it. Would be looking to break $12,130 after that. May go down towards MA before trying again. Not expecting the next Williams arrow to be down, and especially not making a lower low than the last arrow down. That would be a surprise.
This is looking really good rally. Smash through $11,600 next. Looking to see at least two more Williams arrows either one down and one up, or two up like earlier rallies to get there or beyond. Back check it for yourselves.
I've added Williams Fractal to my charts. Question - do we need another Williams arrow down before the next up leg? MACD looking good to go.
I've added MACD to my chart and can only mean one thing up.
Have just added in a trend line from my 4 hour chart to the 2 hour chart just in case I need to switch because to a key Bollinger point for me just below $10,100 on the 2 hour chart is looking vulnerable. Otherwise no worries.
Just thought I would update my earlier charts add some more arrows and what happened last time just in case price heads back down to a key Bollinger point for me just below $10,100, but trend line still good. No worries.
Just added another arrow to chart to show most recent time crashed through MA to lower Bollinger line, otherwise based on previous pattern market will hold at MA area or head back down till it makes contact with lower Bollinger Band - Support area. No worries. Upward trend lline still intact.
Based on previous pattern market will hold at MA area or head back down till it makes contact with lower Bollinger Band - Support area. No worries. Upward trend line still intact.
Looks like based on last years support and resistance arrows if the market now consolidates nicely over $10,600 it hould go higher other wise next stop down will be the 20 MA and then failing that then it will be back below $10,000 and as low as $9,400. Enjoy !