The market immediately rejected the 1.618 level. It may reverse from here or return for a retest. Lookout for a potential reversal.
Look at the strong support which brought bitcoin's intraday abc correction to an end. The market reversed decisively on the coincidence of the 1.618 extension of the b wave and the pitchfork trendline shown in the green circle. Bitcoin has been very responsive to the levels revealed by these overlays. Keep watching these levels!
Gold could find resistance at the confluence of two Fibonacci levels shown. A reversal here would probably be a minor correction which may present buying opportunities. The blue candles represent potential price action
The Dow has run into some resistance near prior highs. Thus far it has been unable to retest the upper rising channel line. It needs to break above short-term resistance to maintain momentum in this uptrend. Failure to do so will make us much more interested in how the market behaves at the lower channel line, which it could break through, as shown by the blue bars.
Bullish pennant about to terminate around the 0.382 level. Thrust measurement targets the area around $15,000.
EURUSD will find support from a 1.618 extension, shown by the red dashed levels. This is complimented by a parallel angular projection. The angle is determined by connecting the highs at X and Y. A ray with the same gradient is copied and projected from the low at point Z.
After a clear 5-wave impulse bitcoin has retraced 38.2%. Volume confirms this is a correction. Volume increases throughout the uptrend indicating it is a strong move. Volume declines to very low levels throughout the retracement suggesting it is a retracement and the prevailing trend is still in play. The uptrend could resume now from the 38.2% level, or it could...
A confluence of pitchfork trendline, 0.618 retracement and 2.618 extension all point to a resumption of EUR/GBP uptrend. This could take it up over 5% throughout the rest of the year back to 2019 highs.
The S&P is on the cusp of making all-time highs. Will it be able to break into new territory in the next few days? A falling ATR and reduction in angular momentum suggest this rally may be losing steam. Has it got enough juice left in the tank to make new highs, and could that give it the boost it needs?
Bullish pennant about to terminate around the 0.382 level. Thrust measurement targets the area around $15,000.
Excellent example of conflicting signals from intrinsic and extrinsic sentiment on PMO .