Is this all just a range based butterfly?

14 Ağu 2024

The rally over the last days has been impressive but the structure of the two parabolic legs and choppiness in the middle is consistent with a bearish harmonic.

This gives us a real decision point here. Harmonics can be highly accurate in forecasting major moves.

If this is a successful harmonic, the implied forecast of it would be a move down to 4660. In a strong smooth style. On a move of this scale, that would usually mean bad news to drive it.

Failure of the harmonic as a reversal pattern strong tilts bias towards 5650.

But if this is just a bull trap - this must just be the top of it.

15 Ağu 2024

Not

Should be too much longer before we get signs if this is going to work or not.