$ALGO Mark up phase beginsALGO is trying to reclaim the c19 lows here. This is typically the first sign of the reversal, sweeping the lows, and then rejecting the continuation lower.
From here you would expect to retest .23 cents illustrated by the golden bubble, which also shows a correlation between this level and .41 cents, with some chop inbetween.
The next range we would want to pay attention to is the first purple range. Historically, if support is found here, we would expect a continuation to bring us to the purple range above it at around .66 cents, which is also the .618 retrace, and a local 1.618 ext.
Above that, an extension a degree up would bring you to 1.27, and the purple zone at about 1.58.
Following the levels on these reversals is important, and even more important is paying attention to the way price moves between them, and ignoring the static. The spaces in between are used to chop you up and wont neccessarily be so clear cut.
Im not forecasting expectations, just the path in which a reversal is most likely to unfold and mathematically based extensions / retracements of the data we do have.
This idea is supported by all momentum oscillators including ADX, BBWP, RSI and Money flow. All of which, suggest that we are in the very early stages of a major impulsive move upward.
