Following on from my previous megaphone TA, the 4hr trades executed perfectly.
But todays price action now has me wondering if the 4hr timeframe was too conservative and we are actually in a 1D megaphone. Because we reversed ~$82.96. Closest term target price is now ~$76-~$77 dollars.
If this is the case then the touch points have changed and the megaphone is not yet complete.
If I am correct, we should reverse here at ~$79 and hit ~$90, followed by a drop back to ~$60 zone.
This will happen over the period of weeks not days and I don’t wish to provide decimal precision on the target prices as I prefer to have a very small % of slippage on a target price. I don’t look at pivot points or specific price medians. Just looking for chart patterns in my TA.
But todays price action now has me wondering if the 4hr timeframe was too conservative and we are actually in a 1D megaphone. Because we reversed ~$82.96. Closest term target price is now ~$76-~$77 dollars.
If this is the case then the touch points have changed and the megaphone is not yet complete.
If I am correct, we should reverse here at ~$79 and hit ~$90, followed by a drop back to ~$60 zone.
This will happen over the period of weeks not days and I don’t wish to provide decimal precision on the target prices as I prefer to have a very small % of slippage on a target price. I don’t look at pivot points or specific price medians. Just looking for chart patterns in my TA.
