Heh ! Looks like you guys are onto it :)
From ze blog
=====================================
a few early signs that the hrly trend on the spi is undergoing change for a push to the upside...
this chart is from IGMARKETS ITFinance xjo/spi eqivalent.
as shown, a discernable 5 wave structure (NOT ELLIOT WAVE) has mapped out rather nicely...
the trendline, hit and broken in blue MAY NOT BE ACCURATE and could be drawn with that last peak as being a touch so some caution there.
The dotted Horizontal line segment is an area of resistance and support that if we remain in a downtrend should not be broken.
Note the divergence marked on the MACD histograms via a red line segment...
Note also the last low on price was followed by a higher low, the first time in the trend down from the 5th Nov.
Potential upside targets, based on thoughts this change of trend is but a conter trend in a larger timespan are marked thus:
bottom left small line segment... 1.168 fibb extension of the marked wave 1??
Next up green line segment, 50% retrace of entire down run
Next up green segment, 61.8% retrace of entire down run
blue thin dottted line above that... extreme histogram based target.
Change in trends, even if but a counter trend can take a bit of time to get going...
;)
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