Let me say right up front, this could be complete garbage and not work out this way. But it's my best guess from what I see. My goal is to try to find the next decision point where a major move can occur. After doodling for a bit on the chart, it seems to me that it could be near the end of July, IF trading stays within the apparent flag formation.
Throwing on a fib circle from the most recent low point of 0.25 and connecting it to the recent high of 0.48, it's really interesting that the apex of my triangle idea falls directly on the 0.618 line. Coincidence? Perhaps. But with the wild action of the market lately, it could possibly work out this way.
I have been burned in the past, where the apex of the symmetrical triangle (or flag) formation happens to turn out to be a capitulation move. But I am betting on a breakout to the positive at this time. We'll see how it goes!
Your thoughts are appreciated!
Throwing on a fib circle from the most recent low point of 0.25 and connecting it to the recent high of 0.48, it's really interesting that the apex of my triangle idea falls directly on the 0.618 line. Coincidence? Perhaps. But with the wild action of the market lately, it could possibly work out this way.
I have been burned in the past, where the apex of the symmetrical triangle (or flag) formation happens to turn out to be a capitulation move. But I am betting on a breakout to the positive at this time. We'll see how it goes!
Your thoughts are appreciated!