/biz/ - Business & Finance

>>54485284
This is a very simple chart but whatever, I think simple is good and the more esoteric a chart is the more cope it is.
In any case, all I did was go out onto a monthly time frame because I'm looking for a macro bottom.
I then made a range.
I started by finding the top of the range which I labeled as "A".
You can see its historical resistance turned support turned resistance again at the present moment. This gave me the confirmation it's a valid level.
Next I look for a macro range low which I labeled as "B".
Again, you can see the historical significance on the monthly time frame.
Now that I have my range high and low I look for the mid. If it doesn't line up with anything recent then that's a pretty good indication that my range is incorrect so this is another level of confluence.
To find the mid all I do is take the fib retracement tool and stretch it down from the top to bottom of the range and see where the .5 level lines up.
You can see that the .5 fib level / mid range held as resistance in November then flipped to support so that's a valid level, at least to me.
The dotted lines are quarters or mid levels between the high + mid and mid + low. Basically they're ranges within ranges.
So, based on my chart at least, price has to get through 3 levels of macro support before it gets to where I think a bottom would be.
I'm not saying it's a definite but it's where I would personally be comfortable calling a bottom and going balls deep.
I also don't expect price to get to that exact 13.8 level. I expect it would get front ran so that's why I think low/mid 14s rather than high 13s.