While it's difficult to believe the market has strength to immediately accomplish a target on the upper tine of the Green Fork, the Bulls have shown us anything is possible.
With all indicators showing a Bullish bias it seems time to look for a more Bullish scenario than I have been operating under. Certainly the large trend remains Bearish, but unless we see an unexpected reversal on Tuesday the Yellow Fork I've been drawing will not contain Price.
So let's assume for a minute that the Green Fork is going to work out. Below are two Cyan Fork positions that support this Bullish analysis.
This first chart shows Price in the top half of the Cyan Fork
Here is a close up. This has good symmetry and fits with Fibonacci ratios.
It fits well with the more Bullish Green fork.
This would create a peak at the 78.6% level
It fits well with the more Bullish Green fork.
This would create a peak at the 78.6% level
This next placement has Price at the handle of the Cyan Fork. Keep in mind, the Yellow Fork is large, and a small divination may be acceptable, so I'm not saying the Green Fork will prove to be the prevailing fork. But clearly all indicators, including the Candlesticks (both daily and weekly) are immediately bullish as is the Ichimoku.
This placement also has good symmetry fits well with
Fibonacci ratios, and fits within the Green Fork.
Here is a close up of this placement
Even if Price does fall back into the Yellow Fork the Green Fork will be there to haunt the Bears for quite a while, providing influence at the very least.
This Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.
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