This chart is more involved but if you want to know why this will work do the following:
- Draw trendlines across each successive high, this is the creek (I did these is light blue): it needs to jump the most recent resistance to move higher and once it does these can act as support
- INVERT the chart (alt+I) and do likewise across the successive highs (really the lows), this is the anti-creek (I did these in aqua): It has support at these on regular chart, resistance on inverted, once jumped they can become the opposite
* Now, look at the inverted chart and tell me: Would you "buy" this?? There is no way (not yet at least), so why would you be short the regular chart currently... still unconvinced, here is a final step:
-recognize that this is an expanded flat (orange count), which will retrace over 100% of B, thus placing the near term upside taget in the mid 40ks... from there it will likely tank and make new low on regular chart (new high on inverted chart).
If your stomach feels weak then my work here is done.
Sincerely,
Billy Walters Jr.
- Draw trendlines across each successive high, this is the creek (I did these is light blue): it needs to jump the most recent resistance to move higher and once it does these can act as support
- INVERT the chart (alt+I) and do likewise across the successive highs (really the lows), this is the anti-creek (I did these in aqua): It has support at these on regular chart, resistance on inverted, once jumped they can become the opposite
* Now, look at the inverted chart and tell me: Would you "buy" this?? There is no way (not yet at least), so why would you be short the regular chart currently... still unconvinced, here is a final step:
-recognize that this is an expanded flat (orange count), which will retrace over 100% of B, thus placing the near term upside taget in the mid 40ks... from there it will likely tank and make new low on regular chart (new high on inverted chart).
If your stomach feels weak then my work here is done.
Sincerely,
Billy Walters Jr.
