Maybe WARNING is a better title. Since February low I could only find three of these Williams Fractal set-ups. One was on the way up to near the first top of the double top, and the other two at both tops. You need to find two arrows pointing up followed by one down and then two pointing up again (as I've indicated with the finger signals). The first i.e. first pair 15/16 Feb followed by one down then second pair 16/17 Feb - went up a bit retraced and then headed for a new high. The second i.e. first pair 19/20 followed by one down then second pair 20 Feb - that was first top then went from $11,788 to $9,319. The third i.e. first pair 4/5 Mar followed by one down then second pair 5 Mar - that was second top went from $11,700 to $8,342 in the first instance.
Therefore we could see market go a little bit up then retrace and back up to a new high, or, worse. I'm staying long hoping it's the first case scenario, but if it drops and looks like repeating the worst case scenario's I'll be ready.
Therefore we could see market go a little bit up then retrace and back up to a new high, or, worse. I'm staying long hoping it's the first case scenario, but if it drops and looks like repeating the worst case scenario's I'll be ready.
Note
It's made a low of $8,752 and looking at the previous three set-ups I don't think it's going to go lower.Note
When the market slowed down my price chanel slowed down and widened a bit. I had to do that because the original price chanel in the above chart was breached, and of no use any more. Therefore for the first red candlestick low of $8,752 my channel line low was now c.$8,651 and top c.$9,230. On the second red candlestick low of $8,800 my channel line low was now c.$8,715 and top c.$9,296. If we get a good MACD crossover without the trough on the bars of -30.06 being breached that is one of the signals that I've been monitoring for trading opportunities, and strategies. The Stoch RSI on the 4 hour chart is heading down from the overbought region so not sure yet if signal in MACD 2hr chart will confirm i.e. not breach the trough on the bars of -30.06 before the crossover back up. I would have prefered to have seen market go down to $8,670 one of my Fib levels, but previous Williams Fractal patterns now suggest further downside risk may be over which looks promissing.Note
In my latest postings I've identified new big downside risks.
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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.