PLS chart, page-4899

Hi Folks

I am again revisiting the PLS weekly charts for a couple of reasons Fridays 6.07% downward move coupled with the DOW and NDX moving down from their peaks ( see my signature).

From my previous chart post we made to the edge of my 1st target zone at 3.89. For a while I think that's the best we can do,

With this revisit I am taking a slightly different approach in my analysis which you can see on the chart.

I am focusing on three zones purple, red and green. What I am looking at in a period the greatest distance between a weekly low and the 10WMA I will coin the phase Distgap1 (purple) , 2 (red) , and 3 green. What do we see from the chart? Concentrating on Distgap's forming after 3 green weekly candles.

* Purple Distgap1 - weekly 17 Jan candle low 1.135 with 10WMA =0.875 Distgap1 of 26c or 29.7%. Weekly RSI(5) in the Blue 90.7

* Red Distgap2 - weekly 21 Aug candle low 2.065 with 10WMA =1.57 Distgap2 of 48c or 31.5%. Weekly RSI(5) in the Blue 96.7.

* Green Distgap3 - weekly 9 Jan 2022 candle low 3.434 with 10WMA =2.84 Distgap3 of 59c or 20.8%. Weekly RSI(5) in the Blue 95.8.

Notice a pattern, in each case the SP retracts allowing the the 10WMA average to flatten allowing the SP to catch up with the 10WMA before progressing upwards again. It happen on the two previous occasions , the purple and red. With the DOW and NDX both tanking, I will not be surprised if the green Distgap3 follows the same pattern catching up with the 10WMA.

I realise I am not making allowances for the next BMX auction, but I cannot predict when it will happen and what price achieved. I am just reading the charts.

Just the way I deal with the markets so that I am not surprised by what plays out, as always DYOR.

cheers Lies