Here it appears that we have just seen a double-top. If so, we can expect the breakdown to around 7xxx-8xxx mark.
From there, it may bounce up and if so, we will have to watch to see if it falls back down to form a head and shoulders.
IF it forms the head and shoulders in the future, then we can see a dip to 4xxx mark approximately.
From there, I see the rise, as we are looking at the former pattern as a fractal to consider as both a smaller pattern for smaller trades, but a larger one for larger trades.
All in all, it appears the whole chart for this period is a bowl, which is forming into a cup and handle.
I could be wrong...but hey, be prepared!
From there, it may bounce up and if so, we will have to watch to see if it falls back down to form a head and shoulders.
IF it forms the head and shoulders in the future, then we can see a dip to 4xxx mark approximately.
From there, I see the rise, as we are looking at the former pattern as a fractal to consider as both a smaller pattern for smaller trades, but a larger one for larger trades.
All in all, it appears the whole chart for this period is a bowl, which is forming into a cup and handle.
I could be wrong...but hey, be prepared!
Comment:
I've been shown the Elliot waves for this chart, which seem to confirm it too. Let's see how it goes. It's nearly time.
Comment:
Well, as at the end of September, the first part is spot on.
Trade closed: target reached:
This analysis was spot on. It did dip fractionally, then flew up, even past expectations. Now I'm a little more conditioned, and have a better, albeit not perfect grasp of where it can go to.
