Good morning traders,
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The two main things to look at will be the trend defining low which is ‘385 current ‘775 trend-defining high. This high needs to be broken in order to continue our bullish trend.
I originally had an ACR line set drawn on this chart and was predicting for price to reach the 440-460 zone. We just about missed that zone as the frequency of price had changed a little bit so I’ve converted that ACR line set into a basic Alan Andrews pitchfork. The fork is using three standard alternating pivots, but the C-point is using an unconfirmed low.
Can you notice how the A-Line is pretty clean, with plenty of touches? We also had two ‘peels’ away from the lower median line parallel before the ignition up to the median line. There were actually two tags that median line so that is not a coincidence, this happens again and again.
Zooming into that fork just a little bit, you’ll notice if we put a quartile line on the fork, we’ve got an interesting zigzag there and also the price is currently resting on that quartile line at the time of writing this article. Perhaps we would expect a retracement probably down to the shaded zone. But if not, then a breakthrough that overhead press line here could signal for a bullish continuation move.
The interesting levels to mark out on the chart are the breakout zones of 769 and 578. We’ve got support zone starting at 626 and a resistance zone starting at 721. We also have a wide range bar from the ignition point yesterday, so that’s another obvious retracement level.