I was thinking more about this and did the math.
From the top at 20k in December 2017 to the drop off the cliff at 6k down to 3k took 333 days.
After that consolidation took place for 138 days before breakout back above 4k heading to most recent local high at 14k.
So we have a proportion of 333 days / 138 days.
What’s going on this time?
From most recent local high at 14k to the drop off the cliff at 9800 took only 90 days.
So how long should next consolidation take?
Set up equation as (333/137) = (90/x). Solve for x.
(90*137)/330 = ~37 days.
Last consolidation took 137 days.
Therefore, this consolidation if it will be in proportion to the aforementioned numbers then
37 days will be all it should take before breakout above 8200-9000 (consolidation range zone) to occur.
We are currently on day 16 of 37. So about half way through the consolidation zone.
Take a look at previous consolidation zone at 3k - 4k.
We are exactly half way or maybe a little further than just half way. Look at the price pattern.
Same pattern is occurring in a compressed period of time!
From the top at 20k in December 2017 to the drop off the cliff at 6k down to 3k took 333 days.
After that consolidation took place for 138 days before breakout back above 4k heading to most recent local high at 14k.
So we have a proportion of 333 days / 138 days.
What’s going on this time?
From most recent local high at 14k to the drop off the cliff at 9800 took only 90 days.
So how long should next consolidation take?
Set up equation as (333/137) = (90/x). Solve for x.
(90*137)/330 = ~37 days.
Last consolidation took 137 days.
Therefore, this consolidation if it will be in proportion to the aforementioned numbers then
37 days will be all it should take before breakout above 8200-9000 (consolidation range zone) to occur.
We are currently on day 16 of 37. So about half way through the consolidation zone.
Take a look at previous consolidation zone at 3k - 4k.
We are exactly half way or maybe a little further than just half way. Look at the price pattern.
Same pattern is occurring in a compressed period of time!
