As you can the fisrt part of the forecast was right, the second part was wrong . What is important is to be able to know at what price it becomes wrong (today was 8573.38 theorically) so as to adapt. That's why I don't care about making wrong call since it is like a statistical hypothesis test: know when it is probably true, when it is probably false, and when it is undecidable.
The same chart can also tell you that buyers are back on daily scale since 8494 (one point after the minimum blue point where the slope of both lines becomes bullish) . It means that you will be in countertrend by being a seller at the moment.
Quote from harrytrader:
"Looking at lower scales projection (I won't show you the model) the minimum resistance for invalidating the bearish trend is 8598."
This is why I said that: you can see on picture below showing lower scale than the weekly one that 8598 is the first limit for higher target and that the upper limit is 8615. We approached this latter for real at 8612 so tomorrow must confirm it or the bears can reattack again . If the bulls succeed tomorrow you can see a "TL" label which means "Top Level" so the potential for bulls would be 8765 with a bear panic at 8745 since they would see a break to new high . That's where market can resume its bearish cycle again.
This is how the trend started : by panic buying on hourly scale because on this scale people still think the trend is mostly bearish: This is typically a bear trap that's why I called for bullish trend opening and not bearish trend
For details there were divergence between hourly and daily scale and yesterday comparing to my model I had sign that "they" (don't ask me their names I don't know who they are ) have been prevented the bear trend to continue.
As you can remark also the 8533 point on hourly scale was lined up with the 8531 bullish crossing zone on weekly scale.
You can also remark a pic at 8511 on the blue line (blue line = consolidation line as interpretation and similarity with traditional TA) and market tested it at 8509 first : this is usual behaviour because it is the limit between buying and selling on a scale so they "have" to test it to say to everybody: hey did you see that it holds so buy .
There is a trick that is funny: when they want to make the break they will first make a fake countertrend far below the theorical potential top on that scale. You can see here a TL (Top Level potential at 8527), they made a first high 7 point below at 8520 (just below the seed wave at 8522). This is big because it must usually be 2 point and even less. So you can suspect they will actually make the bullish break. It's a rule of thumb it doesn't come from theory but when you trade on intraday basis you need shortcut thinking to judge rapidly if a context is in your favor or not especially during the first minutes of opening when everything generally goes very fast.
> the upper limit is 8615. We approached this latter for real at >8612 so tomorrow must confirm it or the bears can reattack >again .
We opened lower so baoum. Nevertheless this is still normal consolidation (that is to say the bulls are still there) as long as we do not cross at least the ellipse (called the bearish cross-pattern) who coïncide with the cutting-zone of the ewave chart @ 8541.
"Looking at lower scales projection (I won't show you the model) the minimum resistance for invalidating the bearish trend is 8598."
This is why I said that: you can see on picture below showing lower scale than the weekly one that 8598 is the first limit for higher target and that the upper limit is 8615. We approached this latter for real at 8612 so tomorrow must confirm it or the bears can reattack again . If the bulls succeed tomorrow you can see a "TL" label which means "Top Level" so the potential for bulls would be 8765 with a bear panic at 8745 since they would see a break to new high . That's where market can resume its bearish cycle again.
They must be hanging on now as well as some option putters since a few days that's why I don't like to trade on upper scale intraday volatility can be a huge noise
Quote from harrytrader:
Some automatic trading system on daily scale has nevertheless reversed their position from bullish to bearish at 8548.
This is target on scale 1, we made the first expectancy on wave 3 at 8623 theorically and stop below the continuation presignal at 8627 , the second expectancy on wave 3 is 8639 and wave 5 should be truncated because of upper scale where bearish signal is at 8640. First profit taking at first expectancy is rational because the second one is above yesterday's high and that upper scale is red.
For time see walther post (but I still have to do some research in time because it is far from being as accurate as price that is to say I don't predict with 2 minutes precision like price but rather with 1 hour precision ):
. What is important is to be able to know at what price it becomes wrong (today was 8573.38 theorically) so as to adapt. That's why I don't care about making wrong call since it is like a statistical hypothesis test: know when it is probably true, when it is probably false, and when it is undecidable.