Looking at the daily, the 12 and 26 day moving averages are interesting. During bounces they act as support, then as the dip begins they cross and become resistance. The next bounce begins, they cross again, and become support again. This repeats over and over. The distance between the two moving averages can suggest the strength of the trend or how soon it may reverse; the wider the distance between them the longer it maybe be until a reversal. Lately we're seeing very small distances between the two suggesting consolidation.
This is a lagging indicator often times but it's another tool to put in your box maybe.
Yellow lines are support. The thinner line is support of the more recent trend. The thicker line at 100 is a strong support level, if broken it could change the larger trend, which in my opinion is still long term bullish. I know we're in a long bearish period but I believe it is a large corrective wave 2 after the parabolic wave 1 in a basic 12345 Elliott motive wave. Wave 3 is often the longest but never the shortest of the three impulsive waves (135). We saw 1, we're sitting through 2, if this is correct 3 will be longer than 1. If we break that lower support level it makes this a less likely story but as long as wave 2 doesn't retrace more than one hundred percent of wave 1 then it's still possible. Depending on where you start that wave 1 it gives a lot of room for further slippage and still setting up the 12345 impulse wave towards the moon.
This is a lagging indicator often times but it's another tool to put in your box maybe.
Yellow lines are support. The thinner line is support of the more recent trend. The thicker line at 100 is a strong support level, if broken it could change the larger trend, which in my opinion is still long term bullish. I know we're in a long bearish period but I believe it is a large corrective wave 2 after the parabolic wave 1 in a basic 12345 Elliott motive wave. Wave 3 is often the longest but never the shortest of the three impulsive waves (135). We saw 1, we're sitting through 2, if this is correct 3 will be longer than 1. If we break that lower support level it makes this a less likely story but as long as wave 2 doesn't retrace more than one hundred percent of wave 1 then it's still possible. Depending on where you start that wave 1 it gives a lot of room for further slippage and still setting up the 12345 impulse wave towards the moon.
Note
152 is resistance for the current channel and 112 is support.
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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.