Areas to consider for support, area to consider for a pull back
The horizontal lines indicate a support zone that matches up with a possible area on a diagonal future support zone(red dashed line).
The reason the blue horizontal line has been drawn to show past support is because of a break out followed by a pull back.
Also, the current condition of the market over all is gravitating farther from the tenkan. In hindsight the tenkan is the short term equilibirum. This indicates to me that a possible pull back may occur to the tenkan which happens to sit underneath the current diagonal trendline.
If a pull back occurs a stop should be placed above the pivot high that is slightly above the kijun,
The reason the blue horizontal line has been drawn to show past support is because of a break out followed by a pull back.
Also, the current condition of the market over all is gravitating farther from the tenkan. In hindsight the tenkan is the short term equilibirum. This indicates to me that a possible pull back may occur to the tenkan which happens to sit underneath the current diagonal trendline.
If a pull back occurs a stop should be placed above the pivot high that is slightly above the kijun,
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