i think a backtest of this line is the best i can find tonight, and its more likely tomorrow around 11 eastern
getting messy with so many lines. today was a consolidation break out (black line) to the red line. price could break that line now with so many hits. still expecting to reach the purple line. rsi looking weak.
rsi getting weaker and weaker. all time highs at hourly rsi below 50 coming up next?? this is nuts.
looking at red and blue lines for support. red has priority. there could still be a challenge to purple, and under extraordinary conditions, the gold line. those would be stone cold shorts. lots of technical damage done by the sell off at 3183. for the moment. missed it by that much, chief. i was expecting 3193. still a right translated cycle, unless the...
target is the line, with time. the longer it takes the higher it goes. you see that gap where the line runs thru? this is how you draw lines. the chart shows you where it is. slope 26 degrees. use this break down backtest line technique to find resistance on price at new ath's. it and fibonacci are the only resistance points in blue sky.
gotta suspect a break eventually of the new black line added and up to challenge a higher level. the orange line may hold but logical target and resistance is now the purple line, whether its today or monday or tuesday
adding a 3rd downsloping line on top of price. price is in somewhat of an inflection point. it will tell us the next directional move. obviously 3230 is a significant pivot. normally i see 3 tags of a downsloping line from underneath before it breaks. price may make several tags backtesting a downward sloping line from above and sometimes it never breaks. i...
is usually most reliable. 4th and more you're on your own
lower price with higher rsi, bullish divergence. you can find it all over but how do you know when it matters? pair up stochastic and read both at the same time. when stochastic indicates you have a low, coupled with the divergence, esp. on larger time frames or multiple time frames, its likely to play out going forward. here are two separate examples from march...
globex futures are still trading. observations: a higher rsi hourly today so uptrend still likely, just hourly divergent from here. note how the hourly and daily rsi stays above the 50 line. i would not be surprised to see a break of the several day uptrendline tonight and a test of some lower level. i think the confluence of the two upper lines about july 6-7...
are always important later. click the "add more candles" blue arrow
essentially from important pivots you can create many trend lines and they immitate a gann fan.
hourly both 50 ma broken, 50 rsi level broken. downsloping false breakout thursday nite line is -44 degrees, seems too steep. one of the two downsloping lines below looks more likely to be eventual support, -10 and -14 degrees better. moving averages hourly rolling over a bit. still lots of support below. 3100 a tough level to break, 3080 and 3070 price...
an indication of how bullish traders are. any excuse to run price up is welcome! nice consolidation pattern and backtest of another trend line.