I found some similarities in the candle structure and price action to the highlighted move around July 10 this year when compared to this recent price action.
July 10 was a local low and a break out of a falling channel.
If we can eventually break out of this downward channel we may have a similar price action.
By studying the first move from the low from July 10 I found that this move from the low (561 to 578) is a factor of approx. 1.2357. By taking the July move ($ amounts) I multiplied them by 1.2357 and have come up with BFX targets 584, 587, 593 and 603. I already had 584, 593 and 603 targets from different analysis so was pretty stoked to find the same numbers using this method. should be interesting to see how it plays out.
July 10 was a local low and a break out of a falling channel.
If we can eventually break out of this downward channel we may have a similar price action.
By studying the first move from the low from July 10 I found that this move from the low (561 to 578) is a factor of approx. 1.2357. By taking the July move ($ amounts) I multiplied them by 1.2357 and have come up with BFX targets 584, 587, 593 and 603. I already had 584, 593 and 603 targets from different analysis so was pretty stoked to find the same numbers using this method. should be interesting to see how it plays out.