This is critical. A failure to touch the up sloping centre line of the pitchfork seen below could be another brick in the topping formation and at a critical psychological 1700 level. The downsloping black Median Line is to be watched closely people!!
I thought i would just explain to everyone outside my subscribers that I
am bitterly disappointed with current price behaviour. We can all see
that price is in a short term down trend being ground slowly lower but
yet still has the ascending pattern intact. However watching these US
makets is almost worse than having a tooth pulled out. I am not going to
even start pontificating on the politics behind the current issues
which I believe is best left to a domestic US audience. The fact remains
that we are still at critical levels as per the chart below and my
previous post and as we seem to be unable to make significant progress
lower towards the centre line of the down sloping black fork seen in the
first two charts.:
Keeping it simple:
Here below Pitch Fork D-E-C shares the same LMLP as A-B-C
Here is the supporting green UMLP as per previous post
Using our proprietary " FNL" Pitchfork we draw this upsloping blue FNL PF plus its reaction lines. The PF's seen above can also still be seen but as thinner lines.
Now look at a more detailed chart using MT4 showing the .618 Fib level below plus the centre line objective for the downsloping blue PF ( seen below) which is about at 1645.
This current area is critical. A break below this area would mean a retest of 1650. I have no long position yet but either we are going to blow out the ascending pattern and go lower or we hold here. We wait for the opening and the dust to settle.
The irony here is that YMZ13 has reached the centre line of the equivalent downsloping black fork (seen in the chart above as blue).