The market has defined this as an extremely important price area
Where we currently trade has been the most important price level since it has been touched.
Where the blue section of the chart turns to the brown section, this is the 161 extension of the March 2020 drop. This has been a level I first pointed out to people following my work in 2021. We picked this price as interesting a long time ago.
The two red lines are where a retest of the breakout made the other week would. Levels at which we'd retest that break.
When price has traded at this level on 5 instances there'd been a notable support or resistance there which resulted in a strong market move. There is no other point on the chart where we can find 5 reactions like this. From this, one may say this is the level the market has decided is the most important price zone. Now we're here again, the odds are high something notable will happen. This is a place to be ready to make decisions.
Upon breaking this level the other week, there was an instant 3% rally. This was the level I stopped out shorts and pivoted long.
After a bit of a run up I took profits and posted a pending order for a retracement to this level.
The current near term price patterns would seem to support the bull thesis currently (Although obviously these patterns can fail and what is implied can change).
I think this level is going to prove to be critical, at some point. Being the beary guy I am, I think this level is going to end up being the actionable level for the market crash.
However, maybe there'll be a big stop run first.
Where the blue section of the chart turns to the brown section, this is the 161 extension of the March 2020 drop. This has been a level I first pointed out to people following my work in 2021. We picked this price as interesting a long time ago.
The two red lines are where a retest of the breakout made the other week would. Levels at which we'd retest that break.
When price has traded at this level on 5 instances there'd been a notable support or resistance there which resulted in a strong market move. There is no other point on the chart where we can find 5 reactions like this. From this, one may say this is the level the market has decided is the most important price zone. Now we're here again, the odds are high something notable will happen. This is a place to be ready to make decisions.
Upon breaking this level the other week, there was an instant 3% rally. This was the level I stopped out shorts and pivoted long.
After a bit of a run up I took profits and posted a pending order for a retracement to this level.
The current near term price patterns would seem to support the bull thesis currently (Although obviously these patterns can fail and what is implied can change).
I think this level is going to prove to be critical, at some point. Being the beary guy I am, I think this level is going to end up being the actionable level for the market crash.
However, maybe there'll be a big stop run first.
Penafian
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