Weekly Recap

🚨 September 23rd - September 27th 🚨

Welcome Traders,

For past three weeks I have been anticipating a major correction to signal a HL on the bigger timeframes before entering a buy position to break all time highs (ATHs).
Why?
1. Because the Daily HL signalled on Fri Sep 6th at 18,310.1 served as a new indication low point.
2. Afterwhich price made a bullish correction where the bulls maintained their strength breaking through every resistance for the following three weeks.
3. Following a correction price always retraces to signal new low point on the higher timeframe which could either be a new LL point from the previous Daily HL suggesting downtrend continuation OR a HL point above the Daily HL suggesting a reversal to new ATHs.

Here's an image below where price continued to break through key levels of resistance at 19,639.5 and 19,955.8 indicated by the red and orange zones.


Since price continued to signal a series of HLs and HHs on the smaller TFs such as the 1H -3H, it was only a matter of time before price met a strong level of resistance to signal a HL on the bigger TFs (11H-23H).

Last week price signalled a 3H HL at 19,769.4 before continuing bullish up to 20,351.9. On the weekly timeframe we can see that where the LH is currently signalled, began its retracement at the 88.8% fib level which is arguably the same level where the weekly HL was completed before continuing bullish to LH. Therefore there is a high probability that if history repeats itself, we price may continue to retrace to signal either a 23H HL or signal a weekly HL before price resumes it's bullish trend to break ATHs.

Weekly chart showing Weekly LH at 88.00%


Weekly chart weekly HL at 88.00%