As you can see here we have the playout from a chart I analyzed a while back
First we can analyze what happened before:
You can see in grey the original lines I had in place and how those lines we did not hit those markets
As you can see on my new and improved trend lines we can see a lot better how supply and demand worked and the reaction it had on price (again why I love this modern version of the regression trend.. I will post the link to my break down on this trend)
Price finish off with an advanced Elliots wave double that had a triple within its structure (I will also post the link to this as well)
New structure:
Price is now pushing towards our lower level support zone as expected. There are currently some signs of rejection so be on the lookout for the analysis at the lower level. There may be a push to our upper levels but for now momentum is showing to be bearish.
As far as it goes for the long term view I will keep with the idea of a bearish market however if we make the push I will still be on the lookout for a fall
First we can analyze what happened before:
You can see in grey the original lines I had in place and how those lines we did not hit those markets
As you can see on my new and improved trend lines we can see a lot better how supply and demand worked and the reaction it had on price (again why I love this modern version of the regression trend.. I will post the link to my break down on this trend)
Price finish off with an advanced Elliots wave double that had a triple within its structure (I will also post the link to this as well)
New structure:
Price is now pushing towards our lower level support zone as expected. There are currently some signs of rejection so be on the lookout for the analysis at the lower level. There may be a push to our upper levels but for now momentum is showing to be bearish.
As far as it goes for the long term view I will keep with the idea of a bearish market however if we make the push I will still be on the lookout for a fall