Thank you for the nice reply. We shall see what price does, the longer it stays up, the 6 hour will move up. No one can predict exactly when they will intersect only that they will.. We have come back to test the four again, and now back to test the 12 hour 77.. The six 77 has yet to be tested since it broke above. Ideally, all longer term trend lines would come to a point of agreement at which point the support would be nearly impossible to break. The problem with the correction was that we were so far extended from all averages we had no support. In a perfect world, price should hover just above averages, come down bump, hover above, bump, etc.. At least now, post correction we are beginning to ride much closer to most of the Major MA's.. Again a confluence of multiple 77's in multiple time frames around a single point, spells a solid bottom and something we can grow on. We shot up from 6k left the averages behind, come back now to meet them and hopefully begin to make measured moves upwards. Consider the MA's to have gravity that always wants to pull price back to them.. the farther away the price gets the stronger the pull to come back from either above or below, but if price can hover in a sweet spot just above.. then it is neutral happy and can make measured gains..
You are viewing a single comment's thread from: