Keeping it simple here using monthly Ichimoku and basic Fibonacci clustering.
1. Month is still in early stages, but current shape looks like some sort of a doji candle -- we won't know for sure what its going to be unless we move into next month (while I was analyzing the chart, looked like an inverted hammer)
2. 50% of the entire move from the 2016 hammer low to the 2021 high clusters with the 78.6% fib of the final surge into the all time high
3. Also like how this area is where the market went rangy before the Covid crash busted through the range's lower end. Time was spent here, looks like a "market memory" zone
Let's see how the weekend goes.
1. Month is still in early stages, but current shape looks like some sort of a doji candle -- we won't know for sure what its going to be unless we move into next month (while I was analyzing the chart, looked like an inverted hammer)
2. 50% of the entire move from the 2016 hammer low to the 2021 high clusters with the 78.6% fib of the final surge into the all time high
3. Also like how this area is where the market went rangy before the Covid crash busted through the range's lower end. Time was spent here, looks like a "market memory" zone
Let's see how the weekend goes.
Note
Added some additional insight that I thought was relevant
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.