Now understand there is a lot of speculation taking place here. A lot of this can be invalidated by simple losing the current low, but the idea is fairly simple and relatively low risk considering we would be at the bottom of an upsloping channel.
We have also put in a fairly large double bottom here locally with a measured move of about 63% from here.
Step one would be confirming the double bottom. We would need to break above the local resistance, and we would target a 2.0 extension of the double bottoms height.
That would however bring us above the highs of the larger double bottom looking left.
I added some speculative wave counts and rough levels we could look as closer as we get some price action. But i do like how a lot of the levels and potential extensions have confluence with the idea of a rising channel.
If you were to use the supply line and call this a pennant or wedge of sorts, you would be looking at a measured move of 0.075 just shy of a 2.618 (0.083).
Just a thought for now, I expect nothing. This is more a mental exercise, and often times making charts like this and refering back to them when new data comes in, can offer some incite seeing how price action reacts to your levels of interest and expectations.
We have also put in a fairly large double bottom here locally with a measured move of about 63% from here.
Step one would be confirming the double bottom. We would need to break above the local resistance, and we would target a 2.0 extension of the double bottoms height.
That would however bring us above the highs of the larger double bottom looking left.
I added some speculative wave counts and rough levels we could look as closer as we get some price action. But i do like how a lot of the levels and potential extensions have confluence with the idea of a rising channel.
If you were to use the supply line and call this a pennant or wedge of sorts, you would be looking at a measured move of 0.075 just shy of a 2.618 (0.083).
Just a thought for now, I expect nothing. This is more a mental exercise, and often times making charts like this and refering back to them when new data comes in, can offer some incite seeing how price action reacts to your levels of interest and expectations.