Price has been trading tops and bottoms within well defined harmonic forms.
The third major top was at 68997.75+/- level and corrected to a bottom at 15473.78 on 21/11/2022. From the primary bottom on 05/10/2009 to this bottom we have a timeline 685 weeks forming the horizontal x-axis and price change +689.9775 the vertical y-axis.
05/10/2009 - 21/11/2022 = 4795 days / 685 weeks / 157.5 months
From this we have:
Price: 0.00 - 68997.75 - 15473.78 (Price change = 689.9775 * 10) pts
Time: 05/10/2009 - 21/11/2022 (Time count = 685 weeks)
This sets the pace for the expansion forms, price reached 73757.39 from 15473.78 and corrected again to 49217.00 on 05/08/2024, a price change of (+737.5739 * 10) from the primary low and 774 weeks time count. That gives a (737.5739 x 774) structure expanded from (689.9775 x 685).
From 68997.75 which is the (1/Phi) level the next expansion would be a (+1087.00 +/-) pts of which price made a top at 109354.00. This would be the 1.0 or the (1 x 1) Gann square of price and time. Price has reached the 1.0 top, time made 798 weeks at this top. From a (1 x 1) Gann square which is usually the smallest expanded structure we would have a 50% decomposition which we expect price to reach at least the 52400.00 level if we break through the 68997k top.
Since time is still lagging price by 208 weeks +/- it suggest two possible scenarios to consider.
Check back as we make time projections and price levels to expect forward.
Good luck, manage risks responsibly.
The third major top was at 68997.75+/- level and corrected to a bottom at 15473.78 on 21/11/2022. From the primary bottom on 05/10/2009 to this bottom we have a timeline 685 weeks forming the horizontal x-axis and price change +689.9775 the vertical y-axis.
05/10/2009 - 21/11/2022 = 4795 days / 685 weeks / 157.5 months
From this we have:
Price: 0.00 - 68997.75 - 15473.78 (Price change = 689.9775 * 10) pts
Time: 05/10/2009 - 21/11/2022 (Time count = 685 weeks)
This sets the pace for the expansion forms, price reached 73757.39 from 15473.78 and corrected again to 49217.00 on 05/08/2024, a price change of (+737.5739 * 10) from the primary low and 774 weeks time count. That gives a (737.5739 x 774) structure expanded from (689.9775 x 685).
From 68997.75 which is the (1/Phi) level the next expansion would be a (+1087.00 +/-) pts of which price made a top at 109354.00. This would be the 1.0 or the (1 x 1) Gann square of price and time. Price has reached the 1.0 top, time made 798 weeks at this top. From a (1 x 1) Gann square which is usually the smallest expanded structure we would have a 50% decomposition which we expect price to reach at least the 52400.00 level if we break through the 68997k top.
Since time is still lagging price by 208 weeks +/- it suggest two possible scenarios to consider.
Check back as we make time projections and price levels to expect forward.
Good luck, manage risks responsibly.
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.
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.