I thought it might be useful be provide my elliptical analysis of the NAS100 for some direction and comment.
My ellipse has modelled this quite well with several good touch points. (green dots)
Additionally I have added a Fibonacci Fan using the blue dots as the range points and providing an extension in the future.
(TradingView has yet to provide Fibonacci fans and sadly lacking in precision geometric analysis IMHO)
I ask that you provide any comments, personal insights and suggestions if you use this methodology in your trading.
Thanks for reading and I will follow up as needed.
(Note: This is log scale so you may have to rescale the Y-axis by dragging it up or down to align the red line with the blue dots... a problem with log scale and TV.)
S.
My ellipse has modelled this quite well with several good touch points. (green dots)
Additionally I have added a Fibonacci Fan using the blue dots as the range points and providing an extension in the future.
(TradingView has yet to provide Fibonacci fans and sadly lacking in precision geometric analysis IMHO)
I ask that you provide any comments, personal insights and suggestions if you use this methodology in your trading.
Thanks for reading and I will follow up as needed.
(Note: This is log scale so you may have to rescale the Y-axis by dragging it up or down to align the red line with the blue dots... a problem with log scale and TV.)
S.
My preferred interpretation suggests that we are heading down to the 11,000 level.