A trend line drawn from the first impulses connected to the March, 2020 crash creates a very interesting support line, and when copied up gives very strong support/resistance levels that price action tends to cling to. The light blue line has caught both bear market accumulation zones with little deviation. The dotted mean line has roughly marked the mid cycle 3 wave tops. The light purple line acts as the last resistance before putting in the cycle highs, as well as the resistance line where the B wave gets rejected indicating a bear trend. The last dark purple line has roughly marked the tops of the 2013 cycle and the 2017 cycle but I do not believe it will mark this cycle top at $525,000. I think it is more plausible to see it get rejected a line lower than what we have seen previously. The bars pattern was taken from 2017 and sized up to the shoulder of the impulse up to 69k.
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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.