Hi Folks
Trying to make some sense of the unusual pattern PLS is currently setting up in the charts.
I love playing with charts and came across this possible weird comparison of two PLS charts that maybe will make sense of what's playing out. Its a very out there idea, but have a look at both charts.
The first I have badly doctored to get rid of candles post July 2022.
It shows in RED a big A-wave from 0.125 to 3.86,
a B-wave retrace to 1.97 a 50% retrace which reaches back to the July quarter 2021 correction zone Notice that this B-wave is unusual as it has three peaks (labelled black) on the way down (a) (c) and (e). Notice the (c) peak is only marginally below the (a) which is unusual. So its like the three sisters on the way down with deep valley' (b) and (d) before reaching the bottom (f) at 1.97.
Also notice the downward FIB with A-wave from (a) to (d) , B-wave (d) to (e) about a 44% bounce then the c-wave from (e) to (f) the bottom at 1.97.
So then we get the Big RED C-wave extension all the way up to 5.66
To me it make some sort of sense.
Next the current chart with me playing around a bit. See what you think of the possible comparisons.
This gets a bit weird and I may cop some flack, but I can live with it (us old farts have seen it all before). I am just throwing out ideas and interpretations.
This second chart harshly projects the same pattern as the first chart. In its current format it looks very ugly as you can see at first glance. The first reaction I am expecting is "Tell him he's dreaming" which is probably right.
However we are dealing with a seemingly unstable chart pattern. There are critical points on my chart if they change then the projections will vary.
(d) is the first critical point in its relationship with (b). (b) has been already set at 3.57 and if (d) gets below that (say 3.40s) then I think that its game on and the 50% retrace is not a myth anymore but possible. However (d) at say 3.85-3.95 changes things radically for the better where (e) might approach (c)
After the action on the markets recently I suspect that the gap will fill (if it doesn't things get much rosier) however how far below the gap it goes before the next turn is my critical issue. Notice on my second chart that MACD and Stoch's are negative and the RSI(5) seems to be heading toward the oversold zone below 20. However at present there is a good gap with the 10WMA well above the 40WMA. Lets see if that changes (another signal)
Just the way i deal with the market so that I am not surprised by what plays out, as always DYOR
Lets see what plays out?
cheers Lies
(20min delay)