The rectangles are zones of potential support and resistance. The path indicates a main scenario that might unfold relative to the proposed zones of influence, the main trading idea being from zones O to X and perhaps a short at the X zone if sufficient resistance is met in that area. A short at the red rectangle could also be appealing, but the price might try and create higher highs above it after the rectangle ends; if the price reaches its zone.
The first icon in the small rectangle is more like a milestone and not a price prediction. The Red Dot on the other hand, qualifies as a bold and daring price prediction in time that can be hit regardless of the direction of the price towards it (up or down).
Note: If you are hunting for pivot points and turnarounds, remember to check the highs and lows to indicate your exit strategy and trailing stop for break even, if the pivot point turns out to be a minor one and not a definite end of a wave, and a beginning of another one.
Always trade with a plan, carefully asses risk and scenarios probabilities, and may the force of profits be with you!
The first icon in the small rectangle is more like a milestone and not a price prediction. The Red Dot on the other hand, qualifies as a bold and daring price prediction in time that can be hit regardless of the direction of the price towards it (up or down).
Note: If you are hunting for pivot points and turnarounds, remember to check the highs and lows to indicate your exit strategy and trailing stop for break even, if the pivot point turns out to be a minor one and not a definite end of a wave, and a beginning of another one.
Always trade with a plan, carefully asses risk and scenarios probabilities, and may the force of profits be with you!
Comment:
Rebound from the red rectangle zone, but it can be retested.
Comment:
Found resistance at the yellow rectangle.
Comment:
Interesting rebound at the red
Comment:
Obvious support/resistance phenomenon at the first 2 rectangles in the project, but the price is far from the blue ones. Added a time stamp for the green target icon in case a pivot point or reversal might occur near its time. Still expecting price action at some of the blue rectangles, and maybe a hit on the X. The proposed support/resistance zones of the rectangles are still valid regardless of the price path.
Comment:
Potential pivot point at the time stamp of the milestone icon?
Comment:
Touchdown on the X rectangle towards the end of the project. Besides the ping pong between the first 2 rectangles, the yellow and the red, this has been almost uneventful. An interesting pivot point at the time stamps of the red icon, and that's about it.
Comment:
End of project.
