SNX/USD may be in a Livermore Accumulation Cylinder
(just getting in to this technique, if anyone can
link me to the best Livermore Cylinder learning
material that would be greatly appreciated.)
We see the trend being respected on both diagonals.
Jesse Livermore traded by the rule as well to
determine whether he was on the right side of a
bullish trade, volume would increase on price
expansion and decrease on retracements.
This is evident here where the + and - symbols
are placed.
If we truly are in a Livermore Cylinder, we should
expect another test of the upper trendline,
which has been acting as resistance, for the 6th
impulse on increased volume (estimated by the
gray + sign). Then a test of the bottom trendline
which has been acting as support for the 7th impulse
which creates support confluence with the
previous all time high at impulse 4 (gold line) that
should act as support as well on decreasing volume
(estimated by the grey - sign).
After this has happened and confirms as still
holding its shape we would expect further
upward expansion toward the 8 to 10 impulses
which aren't all charted yet, however I will update
that if necessary when the time comes.
"Synthetix Network Token (SNX) is an exchange-based
token created and issued by Synthetix, a
decentralized synthetic asset issuance protocol
built on the Ethereum blockchain."
- CoinGecko
Synthetix is a promising project, more DeFi
and should have a bright future. Regardless of
whether or not the Livermore Cylinder holds true
SNX could do very well in the long term.
(just getting in to this technique, if anyone can
link me to the best Livermore Cylinder learning
material that would be greatly appreciated.)
We see the trend being respected on both diagonals.
Jesse Livermore traded by the rule as well to
determine whether he was on the right side of a
bullish trade, volume would increase on price
expansion and decrease on retracements.
This is evident here where the + and - symbols
are placed.
If we truly are in a Livermore Cylinder, we should
expect another test of the upper trendline,
which has been acting as resistance, for the 6th
impulse on increased volume (estimated by the
gray + sign). Then a test of the bottom trendline
which has been acting as support for the 7th impulse
which creates support confluence with the
previous all time high at impulse 4 (gold line) that
should act as support as well on decreasing volume
(estimated by the grey - sign).
After this has happened and confirms as still
holding its shape we would expect further
upward expansion toward the 8 to 10 impulses
which aren't all charted yet, however I will update
that if necessary when the time comes.
"Synthetix Network Token (SNX) is an exchange-based
token created and issued by Synthetix, a
decentralized synthetic asset issuance protocol
built on the Ethereum blockchain."
- CoinGecko
Synthetix is a promising project, more DeFi
and should have a bright future. Regardless of
whether or not the Livermore Cylinder holds true
SNX could do very well in the long term.