This will be a quick one just for the purpose of putting it out there.
19th Feb 12am for a bottom. Likely $175 however wouldn't rule out $143
Let's see what happens. Prepared to go long if upper resistance is broken leading into the date.
Next date to watch 23rd Feb 20:00
AussieGann
19th Feb 12am for a bottom. Likely $175 however wouldn't rule out $143
Let's see what happens. Prepared to go long if upper resistance is broken leading into the date.
Next date to watch 23rd Feb 20:00
AussieGann
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Added an extra red Resistance line to watch...
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Now that the market has settled somewhat it is easier to see what is happening. If you ignore the big spike it's still forming a massive flag/pennant. The break out of this (down or up) will be dramatic!
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After a bit of a heart attack moment (the rise back up into the pennant zone) it's following the script nicely. Watch for quite a quick drop between $195 and $170. A bottom at $150 is looking likely however there is strong support at $170 so that could slow the fall.
So I am predicting a brief period of sideways action between the ascending red line and the higher horizontal red line. Once the market falls below the ascending line I am looking for a bottom on the 23rd at approx 20:00. This date and time is based off Gann's balancing of time. As for a price $150 is strong support but if the move is driven by excessive fear (those that have bought after the initial run up) we could see a return (test....) to the double bottom. That might seem crazy given the recent "bullish"action but time will tell. Of course I could be completely wrong so don't take this as advise.