ETH point of balance analysis
Actualizado
A long time ago I watched a trading video by a guy who really impacted the way I view the market. He talked about how there are magnets. (Points where price is drawn to and then rejected from-like a magnet.) To me it makes sense not just in the sense of market maker and large players having key levels they will defend and target. It also makes sense from more of a "metaphysical" stand point. If there are waves ebbing and flowing through webs of fibonacci levels it could be postulated that some of these levels are magnetic. Indeed it can be observed as price often returns to a level again and again before often rejecting from them.
Another interesting aspect of magnet levels (support and resistance levels with abnormally high interaction) is that once price passes them it often shoots back as if there were a rubber band from the magnet area. I believe these points of balance can be seen on the chart. For example here I can just sense that the .618 is a possible magnet. If price passes this level it will tense the rubber band from this 109.81 level and shoot back upward. Can you see it? Can you feel how if price passes here it will have gone too far? I can. However there is no guarantee that price will go to a magnet just because it's a magnet. There are always magnets in both directions. Just as there are players with opposing positions. In the end the magnet with the most "pull" wins.
Well that's my theory for the day. I'm off to lunch with one of my beautiful women.
Another interesting aspect of magnet levels (support and resistance levels with abnormally high interaction) is that once price passes them it often shoots back as if there were a rubber band from the magnet area. I believe these points of balance can be seen on the chart. For example here I can just sense that the .618 is a possible magnet. If price passes this level it will tense the rubber band from this 109.81 level and shoot back upward. Can you see it? Can you feel how if price passes here it will have gone too far? I can. However there is no guarantee that price will go to a magnet just because it's a magnet. There are always magnets in both directions. Just as there are players with opposing positions. In the end the magnet with the most "pull" wins.
Well that's my theory for the day. I'm off to lunch with one of my beautiful women.
Nota
Let's see if we get a fomo run for the end of the year. It's a realistic possibility.Nota
Saying something because it needs to be said. Friendships require a certain level of trust. Without it there can be no friendship. If there is no friendship then why be near eachother. Just something to ponder. If you don't feel trust please remove yourself from my life.I realize things can seem what they aren't but I'm not here to convince people what is and what isn't a reality. Thank you for understanding. Now back to the markets.
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Wearing orange? Please move the fuck on. Message received. =-) Hope you have a wonderful day.Nota
One day there will be a meme for this shit. or not but I digress. You don't think there are hate filled malicious people think again.Nota
Nothing personal. Otherwise I greatly enjoy your person and your analysis. You are soaring high. Keep doing what you're doing I'm sure you'll succeed. Message to someone who might be reading this. Be well.Nota
To quote twin peaks: "the owls aren't what they seem."What was I talking about. Oh yes. ETH possible ending fifth wave. Could go up to 130 range. Although it could also go to 95.
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I may not always be a nice guy but I am a dignified guy. Always.Nota
OMG, let's see if we get some followthrough on this bounce. Sorry for ranting but I'm not Gallop. I don't give a ***** about your opinion based on false information. Thanks anyway.
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Though it must be said I do like to gallop through the fields..Nota
Good news. All my books burned in the fire. But I still found my copy of elliott wave principle. All the way to page 7.
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