This is a continuation of a previous idea. The market has been limpish and the change in trend was not brisk. Instead we get a lot of consolidation with a bullish bias. This indicates that whales are hunting for liquidity and will rise the market just to liquidate shorts. The market will eventually collapse when all liquidity is mopped up, but in the meanwhile shorts get burned and longs get trapped.
We can see that there was a deviation below the range and price has regained previous range . This is a classic fakeout below key level with retest. the measured move for this fakeout is around 293.
We can see that price broke out of a Chuvashov fork with a measured move to 338 at the range high. Break above the range high will send price to the next range high at 438 and the confluences of the channels resistances.
We can see that there was a deviation below the range and price has regained previous range . This is a classic fakeout below key level with retest. the measured move for this fakeout is around 293.
We can see that price broke out of a Chuvashov fork with a measured move to 338 at the range high. Break above the range high will send price to the next range high at 438 and the confluences of the channels resistances.
