If history repeats itself, we might be in for another month of boring sideways action from here on, before we retest higher grounds.
Past consolidation periods took between 4 and 6 1/2 weeks to resolve, and price action remained in a range of ~9-14% below the last peak. (SR event excluded)
However, given the recent overall bullish developments (at least in the authors perception :-) this period might turn out to be much shorter this time.
Disclaimer: This is just published for later reference, I'm not 100% convinced of this correlation and won't trade based on this chart.
Past consolidation periods took between 4 and 6 1/2 weeks to resolve, and price action remained in a range of ~9-14% below the last peak. (SR event excluded)
However, given the recent overall bullish developments (at least in the authors perception :-) this period might turn out to be much shorter this time.
Disclaimer: This is just published for later reference, I'm not 100% convinced of this correlation and won't trade based on this chart.
