Seems like we managed the ideal scenario based on yesterday's post.
Although we didn't quite hit the lower black line, which would of likely triggered the crossover, I believe we're in a good position heading into November.
Current price is ~4200 which is a comfortable buffer for 4k EOM. We could see a price spike early November if all goes well.
I've charted the daily to provide some insight on my thought process so far; imo we are in a condensed version of the prior cycle. Indicators are as follows:
1 - Market correction
2 - Market recovery into triangular chart pattern (downtrend from previous correction)
3 - Double-bottom
4 - Stepping recovery pattern
5 - Sideways action
6 - Breakout
I see us somewhere in stage 5 at the moment, with a potential breakout occurring early next month. Post-cycle, I expect some sort of recovery but overall bullish.
Although we didn't quite hit the lower black line, which would of likely triggered the crossover, I believe we're in a good position heading into November.
Current price is ~4200 which is a comfortable buffer for 4k EOM. We could see a price spike early November if all goes well.
I've charted the daily to provide some insight on my thought process so far; imo we are in a condensed version of the prior cycle. Indicators are as follows:
1 - Market correction
2 - Market recovery into triangular chart pattern (downtrend from previous correction)
3 - Double-bottom
4 - Stepping recovery pattern
5 - Sideways action
6 - Breakout
I see us somewhere in stage 5 at the moment, with a potential breakout occurring early next month. Post-cycle, I expect some sort of recovery but overall bullish.
