I'm going to keep this one simple. I've spotted a potential long term range bound move on the weekly timeframe, that started since the covid crash in Mar 2020.
We've usually tested the top and bottom of this range, as well as the heart line multiple times. If this range plays out, I'm expecting a move where we see a bounce from here towards to heart line at 51k in June. I hope we blast through it, but there's also a probability that we get rejected and fall back down to the bottom of the range to retest the bottom around 30-31k around August. If we get a bounce again, we may retest the heart line, then if we break it we'll head up to the top of the channel at around 71k in November.
Note that I have seen other models that show that this isn't the bottom yet and there's more pain to come, and this prediction is written with a bullish bias. I would recommend to still keep cash for a potential break of the channel to lower levels in the coming weeks.
We've usually tested the top and bottom of this range, as well as the heart line multiple times. If this range plays out, I'm expecting a move where we see a bounce from here towards to heart line at 51k in June. I hope we blast through it, but there's also a probability that we get rejected and fall back down to the bottom of the range to retest the bottom around 30-31k around August. If we get a bounce again, we may retest the heart line, then if we break it we'll head up to the top of the channel at around 71k in November.
Note that I have seen other models that show that this isn't the bottom yet and there's more pain to come, and this prediction is written with a bullish bias. I would recommend to still keep cash for a potential break of the channel to lower levels in the coming weeks.