Large symmetrical triangle (points ABCD), with a smaller triangle within it (in white).
Fibonacci extension pulled from triangle points ABC.
The bottom side of white triangle (Yellow solid ascending line) is the historical linear regression mean adjusted to highest Pearson's R value. PA moved very close to this recently, but i'm not convinced that it will not return and bounce (or break) here again.
I would love to see PA move in the upper white triangle and then break up, but it is totally possible that the mean support breaks and we see a drop to the lower end of that larger triangle. If we see PA revert and break below the mean, I will be looking for a solid bounce around ~7500 level to further validate triangle.
The white rectangle is a range between two pulled historical fib extension levels. Breakout and support within this range will be significant in supporting an upward break.
Current PA is within linear regression channel (dashed purple and yellow) adjusted to highest Pearson's R, with upper SD= 2, and lower SD= -2.272. Watching this channel closely.
Fibonacci extension pulled from triangle points ABC.
The bottom side of white triangle (Yellow solid ascending line) is the historical linear regression mean adjusted to highest Pearson's R value. PA moved very close to this recently, but i'm not convinced that it will not return and bounce (or break) here again.
I would love to see PA move in the upper white triangle and then break up, but it is totally possible that the mean support breaks and we see a drop to the lower end of that larger triangle. If we see PA revert and break below the mean, I will be looking for a solid bounce around ~7500 level to further validate triangle.
The white rectangle is a range between two pulled historical fib extension levels. Breakout and support within this range will be significant in supporting an upward break.
Current PA is within linear regression channel (dashed purple and yellow) adjusted to highest Pearson's R, with upper SD= 2, and lower SD= -2.272. Watching this channel closely.