Update: Republished since some of the callouts weren't showing the actual location.
There's a lot of patterns on this one. Potential reversal point tomorrow around the $19 mark. That particular area is the reversal point for the 200, 42, 26, and 17 periods. Each particular reversal on this seems to be somewhere around 15-25% each move whether up or down. I would expect the reversal to do the same and head toward the cloud at 18-20% or the $15.6 area. Normally I would add in a 9 period reversal area but I only see a couple reversals on that time frame here so I think if it reverses it will be slightly longer than the 9 period movement.
If it pushes above the $19 area and closes above I would expect another 9 or 17 period movement before another reversal to potentially a new high over the previous one.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
There's a lot of patterns on this one. Potential reversal point tomorrow around the $19 mark. That particular area is the reversal point for the 200, 42, 26, and 17 periods. Each particular reversal on this seems to be somewhere around 15-25% each move whether up or down. I would expect the reversal to do the same and head toward the cloud at 18-20% or the $15.6 area. Normally I would add in a 9 period reversal area but I only see a couple reversals on that time frame here so I think if it reverses it will be slightly longer than the 9 period movement.
If it pushes above the $19 area and closes above I would expect another 9 or 17 period movement before another reversal to potentially a new high over the previous one.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
