This is what happens when like me you only use two charts. Here's what I should have noticed much earlier when I cautioned about that Wiliams Fractal pattern. My Bollingers had narrowed to $462 a sign to go with the break. Then the candlestick touched the lower Bolinger band another sign that a move underway in that direction. A Bollinger trough at $7,899 could offer some support. Market also broke through one of my usual ways of drawing Bollinger trend lines. When market next moves back to average is one key that I look for next. Could do that more than once till it finds support. Then I'll also be watching for usual MACD and Stoch RSI clues. Going back to my Williams support cradel nicely coloured in now. As I've mentioned before this has only happened three times since the low reached in February of c.$6,000. The first was part of a rise to the first of two double tops. The others occured at each of the two tops (double top). If market goes below $8,085 then the Williams Fractal set-up that I spotted was a good warning and not much else. The way I'm using Williams Fractal has got nothing to do with the way it's supposed to be used. That's the way I like to work!!!
Comment:
In my latest postings big picture I've illustrated new downside risks.