So the theory I last posted looks like it could be playing out, however I've noticed that perhaps we're about to follow a similar pattern to the 2013 cycle.
In 2013 we met resistance at the 1.618 on the fib, which also indicated the Pi Cycle top. We quickly retraced to below 1.272, before using this as a bounce on support 11 weeks later. 20 weeks later we reached 2.272.
This cycle has some similar characteristics, as yet again we met resistance at 1.616, got the Pi Cycle top and retraced to below 1.272.
I've put a mark on the RSI chart, which we're currently in the same position as 2013, hoping we can bounce off it; as we'll hopefully do on the 20 week SMA.
Are we heading towards 200k in the next part of the cycle? Only time will tell!
In 2013 we met resistance at the 1.618 on the fib, which also indicated the Pi Cycle top. We quickly retraced to below 1.272, before using this as a bounce on support 11 weeks later. 20 weeks later we reached 2.272.
This cycle has some similar characteristics, as yet again we met resistance at 1.616, got the Pi Cycle top and retraced to below 1.272.
I've put a mark on the RSI chart, which we're currently in the same position as 2013, hoping we can bounce off it; as we'll hopefully do on the 20 week SMA.
Are we heading towards 200k in the next part of the cycle? Only time will tell!