New high in new uptrend, Short consolidation - Gann fans.
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Long-term we are in an uptrend started a week ago... my last idea showed a short-term consolidation, and I'm still convinced that's what we've entered after breaking resistance to this new high around $8500. I moved the downward Gann fan to the new high using the green 45-degree. Look at the bold arrows for possible new channels at decision points.
Alternatively, with so much momentum started a week ago, we have some distance to fall back to the long-term support. Beware of the whales, they are showing dominance with these huge vertical moves.
Alternatively, with so much momentum started a week ago, we have some distance to fall back to the long-term support. Beware of the whales, they are showing dominance with these huge vertical moves.
Note
Big money is keeping us above the 2/1 uptrend, we are now in the middle of this channel and have room to consolidate before retesting the 2/1.We just jumped through the 4/1 & 8/1 out of the downward Gann lines and took a leg up from 8500 to 8900.
Scrap this idea, or just move the lines up and re-adjust... we won't be testing any lower channels for a little while, this momentum can't go on forever, though.
Note
Correction. We're above the 1/1 uptrend... and probably will be for a while. Right now we are in a consolidation winding up for another leg up to stay above 1/1.Note
Nope, read the chart wrong... 2/1
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