29
Jan
Jan
As this daily bars chart of the short term shows, over this past week volatility has increased dramatically. At the end of last week, I was expecting a new down trend to emerge, based on the fact that price had been holding below resistance while breaking support. But, mid week, price robustly broke above resistance (R1), then two days later crashed down and closed below S4. In Midas theory, breaking both resistances and supports illustrates greatly increased volatility.
At this point, there’s no visibility as to which way this will resolve on this timeframe. We should watch for either support at one of the levels below here – S3, S2, S1 or weekly S2 – or, look for breakout above the latest high.
Category : David Hawkins
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