You can see the second, third and present fourth bear markets on the chart.
The second and third had the same pattern of three movements (waves) down:
1. 0 - A
2. B - C
3. D - E
I depicted the same movement in the present situation based on 200 days of EMA and MA.
And here are such exciting historical circumstances. Look closely at the previous bottoms of 2015 and 2018. They were formed between 200 EMA and MA.
We can make our biases based on history and predict that price will build something similar this time.
I also drew arrows showing where strong wicks were in the past and the range of these movements and compared them with potential wicks that we can expect shortly.
May the profit be with you!
P.S. I will write the third part with my conclusions.
The second and third had the same pattern of three movements (waves) down:
1. 0 - A
2. B - C
3. D - E
I depicted the same movement in the present situation based on 200 days of EMA and MA.
And here are such exciting historical circumstances. Look closely at the previous bottoms of 2015 and 2018. They were formed between 200 EMA and MA.
We can make our biases based on history and predict that price will build something similar this time.
I also drew arrows showing where strong wicks were in the past and the range of these movements and compared them with potential wicks that we can expect shortly.
May the profit be with you!
P.S. I will write the third part with my conclusions.