Failed bullish formations become strong bearish moves. The proportional range to forecast a bullish break above the base becomes the forecast for a the low of the failure. Someday I'll see one of these in time for a massive short.
Note that the forecast is in between the 1.272 and 1.414 of a fib retrace anchored to a momentum crossover. They are also nearly aligned to the two AVWAPs that hand off from TTD's IPO. The middle marks the covid low.
The composite index is at a lower reading, but not an extreme that would mark a bottom. The detrended price oscillator is at it's lowest reading. Extremes can mark a bottom, but a higher low on the oscillator would give confirmation.
Note that the forecast is in between the 1.272 and 1.414 of a fib retrace anchored to a momentum crossover. They are also nearly aligned to the two AVWAPs that hand off from TTD's IPO. The middle marks the covid low.
The composite index is at a lower reading, but not an extreme that would mark a bottom. The detrended price oscillator is at it's lowest reading. Extremes can mark a bottom, but a higher low on the oscillator would give confirmation.
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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.