This is a very interesting chart.
Normally I don’t look at monthly charts – but this one is special.
Lots of lines on the chart – but take a moment and I’ll go through it with you.
The red dotted line is a ( I will add these are drawn by an algo – its what the algos see and interact with – if interested DM and tell you how to get them.
This was broken – with everybody long they jammed it down. Ouch – Its what they do.
This created a new triangle – much larger, but currently untested – bottom blue dotted line.
In the middle of that is an orange angle bisector (part of the algo) – and its exactly where prices stopped – exactly creating a 2.0 Fib Retracement. Sounds like something a computer program would do right?
This happened this week. Could we put in a double bottom? maybe but I wouldn’t count on it.
So now what? Well we hit a Naked Point of Control from last week today. We have back backed off a little – there are numerous untouched Naked Points of Control above and maybe we’ll return to them – of course its hard to know.
The median price for the year and Naked Point of Control (confluence) is at 0.08970 – I would think we make it back to that – and really a rejection there would make sense.