Following idea from 14/03 Note: the chart has not been touched/updated since then
In lower time frame, a cycle from red 4 high from 21/03/2018 has completed at 53.43 so the alternative (dotted line) is still in play as long as 49.04 holds but buying here does not make sense to me at the moment (if it happens to be the path, I will change the EW count as simple as that). Better setup than NEOUSD for now in my humble opinion and according to my system.
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Was that 48.81 I read on the extension? Did I take the trade based on this graph (4h time frame), absolutely not because this thing could have been extending at will! Did I buy in daily, of course, a bit here and then but not with USD10 stops and no leverage (exchange basically). What matters on a chart is the level and the story behind (how we arrive to the count and not the count by itself because it can change within 5min) Now, I cannot lie and say that when the price bounce where I put the level, I feel good for my patrons!
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Technically, we have 5 waves down with RSI divergence, so enough to end the cycle from 21/03/2018 high. We reach 100% extension of wave red 1 as well and we are in the 61.%-78.4% extension of cycle from 198.20 high. So, may have soon some setup in 1h time frame.
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pretty much spot on. Nothing to do here really.
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Made a new low below 01/04/2018 low with RSI divergence - that is consistent since 19/03/2018 low - so I take we should bounce from this last dip. But hunting is not chasing. Do you buy a correction that is a FLAT? must be better setup out there.
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We got the level but too early to say anything here. See where this bounce leads and what is the structure. Reminder I'm not in any trade for NEOUSD (daily did not reach the level, 4h no floor and 1h is bearish ...
Hello, thank you very much for the analysis. In your opinion, what would happen if level 49 breaks down? This would take us to the area below 20 drawn with dotted lines?
The_111_Quants
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@Andescript, Hi, thanks for checking my analysis. 49.05 is in green dotted line in my chart, meaning that this was not a key level at the time of the chart, and even more now that we broke 52.00 on 27/03/2018 (creating a 5 waves down so far from 21/03/2018 high. So when we likely make a new low, the FLAT from 20/02/2018 can extend as low as it wishes actually. The daily projects 11.54. But now, i do not recommend to sell because when it will react at some point, it will go fast.
This is where you, as a trader, need to understand the chart made by chartists. For me and what I tell my patrons on Discord, it's not because I produce a chart showing a path that I/you should trade it. There is a system behind that supports the trade, the chart is one element. I already have in mind the new count should the levels (and using other tools) fail and indicate a new path.
I make live update at patreon site, but will update you here and then.
Be safe, the market is now purging all public as investors are already loaded and wait for the next move higher - but before, need to get rid of all existing buyers.
Hope it helps.