RE: Entertaining16 May 2022 21:43
Its good to compare charts and to see how others do it, i like channels, trumpets and wedges, pin bars, inside bars, engulfing. The oscillators are good for backup but the main thing is to find those points of 'confluence' where all of these indicators come together.
Looking at the bigger picture on daily time frame and comparing previous bear moves and rallies, even without this being labelled as ‘the bottom’ its normal for a 50% or 61% rally on the fib retracement. As we know these shares oscillate in waves and even some simple maths can be used to see where it is likely to end up.
Ive shown on my chart a big move down that lasted a total of 29 bars, the retrace was 61% shown on the ABC pattern, take a look at the Stochastic and MACD indicators below. Now take a look at the current move on the RHS, the white line has already crossed the red on MACD and its pointing north with a fair bit of gap between, the volume is twice as big which means many more traders are in on this move, more volume = more momentum ( as we saw today with massive drops and rebounds)
A 50% bounce on the fib is 969 and 61% bounce is 1034, we have MACD deep wave, Stochastic going into positive, Huge volume’s which means more momentum, what the share needs now is a day consolidating, mm’s need some shares back to push for the next leg up and weak hands need to take profits.
We must not forget we have the main markets behind us right now and edging closer to this war being over or cease fire.
Someone is sorry and comes baring gifts.
https://ibb.co/37xZYF0