Hey guys just having a play around with this, using primarily 2 drawing tools (Pitch fork and time cycles) I have noticed they do a pretty good job in depicting some patterns (will see how this goes for confirmation).
Anyways:
- The pitch forks are set to the same dimensions and seem to identify horizontal support and resistance.
- Time cycles have indicated the time frames in which the trend has changed (either increased pitch in same direction or totally changed direction)
It appears the 2017/18 peak defies the trend but when you move to the end of the time cycle the price has corrected back to where it should be.
This just playing around so I can look back in a couple of years and see how it played out.
******Arrows are wild guesses*****
Anyways:
- The pitch forks are set to the same dimensions and seem to identify horizontal support and resistance.
- Time cycles have indicated the time frames in which the trend has changed (either increased pitch in same direction or totally changed direction)
It appears the 2017/18 peak defies the trend but when you move to the end of the time cycle the price has corrected back to where it should be.
This just playing around so I can look back in a couple of years and see how it played out.
******Arrows are wild guesses*****