Here we go with the weekly analysis of this giant. I use monthly analyses only to guide me in my weekly analyses, so I constructed the pitchfork accordingly (you may see the monthly analysis as a linked idea below). The consolidation takes place in the range of 1-1.236 extensions of the A-B swing, shown in chart. The price is seemingly continuing its latest bullish action, and we should expect a retest of the old highs within the consolidation. It is also possible that we see LMLH act as a symmetry axis for the price. The dominant weekly trend is bearish , meaning that the rejection by the old highs is most likely to yield new lows.
I did not give place to minor pitchforks to prevent overcrowd, but if you draw a traditional Andrew's pitchfork using the P0, P1 and P2 pivots as shown in the chart, you will see that the area shown by the red ellipse is a strong confluence zone. It means that if the price visits there, any confirmed action will be significant beyond their own range.
I did not give place to minor pitchforks to prevent overcrowd, but if you draw a traditional Andrew's pitchfork using the P0, P1 and P2 pivots as shown in the chart, you will see that the area shown by the red ellipse is a strong confluence zone. It means that if the price visits there, any confirmed action will be significant beyond their own range.