Hi Mitta, Thank you for reply ^_^ your division of the cooking pan is awesome; inspired from it I put some of my thoughts. I am very new to chart, read lots of classical books but still in my quest to search for any hint of the art. So much appreciate you guys correct me if I’m wrong
If we start to count the trend from a, could see a divergence from MACD between aa’ and bb’. This guarantee the attempt of retracement back to area A. However, price did not effectively went back to A, thus formed the third selling point c1. Now from c1 to yesterday, it formed an area B, which is slightly below A. I think the critical point is weather we could go back to A this time, if not, maybe another third selling point c2 is on the table and would test the lower of B. A finish above it will lead a first attempt to leave B and third attempt to reach A and failure would lead to a bigger time frame trend lets hope that does not happen. If we trace back more, would notice A is such an important area that formed the basis of this long awful monthly consolidation and becomes intra-day trader’s haven... Bottom line: we know where we are; we just don’t know when it is going to end.
LYC Price at posting:
98.5¢ Sentiment: Hold Disclosure: Held
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