Week Review: 14th to 18th August 2017

Last week’s identified levels were 2488, 2470, 2460, 2445, 2436 and 2405.

  • 2460 acted as the low of Tuesday 15th.
  • 2445 was crossed with high tape speed during the down turn on Thursday 17th and later acted as a SineWave PullBack level (see 4,500 ticks chart below).
  • 2436 (actually 2438) acted as the high and reversal point of Friday 18th.

This week charts and levels are:

4,500 ticks chart

2017-08-21 17_20_47-Paper@thinkorswim [build 1904.15]

Key support and resistance levels: 2474, 2460, 2438, 2420.

Note: Remember that levels are not precise levels. Add a 2-3 points above and below for the area of support/resistance.

Daily chart

2017-08-21 17_22_46-Paper@thinkorswim [build 1904.15]

Added 2403 and 2366.

Note that price has broken below 2 support levels, the Trend line that touches all the lows since the beginning of the calendar year; and the latest SineWave support level.

Prediction: First time that we see price breaking below a SineWave support level since the beginning of the year. This could mark the start of a correction period where we can see the market heading lower/sideways.

By the way… I think I’ve found something interesting with this new volume based indicator that I have developed:

2017-08-21 17_45_57-XBP18_01_VolumeRatio - PowerPoint

More soon…

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