Top line might need to be lower (I think it would give too low a target) and the bottom higher but I like how the centre line lines up. I'll see if I can adjust it to line up better with areas of confluence, fibbs etc. and post below. At the moment it probably gives too low a target but its worth considering.
Next most obvious target is the 200 weekly MA at 3160, then 3000 psychological round number, then 2800 pivot point. I can't see anything other than a flash crash move if we were to go below 3k right now and then probably pop back above it.
And as ever not trading advice but just my two cents.
Next most obvious target is the 200 weekly MA at 3160, then 3000 psychological round number, then 2800 pivot point. I can't see anything other than a flash crash move if we were to go below 3k right now and then probably pop back above it.
And as ever not trading advice but just my two cents.
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On a shorter time frame we have this. Not convinced of the wedge (bottom line) yet. But as long as we remain in this small channel and don't break out we should keep going down, bouncing off the upper line.
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Here I've moved the channel slightly so it lines up better with the 2800 area.
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And smaller 15 min time frame. Waiting for this to play out.
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Structures look similar
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So far so good. Now to see how this next point forms. Bear flag or up. No bounce yet and it hasn't reached a logical reversal point yet for me so let's see.
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So....