I have labeled the chart with highly predictive support and resistance levels for day , week and month time frames. As you can see the Weekly 1S is coincides with the previous low. The concept behind the levels is that markets tend to move in ranges before retracting in a endless cycle until a trend is finally formed.
The WBS is showing strong divergence on the bullish side.
Levels:
Bullish
Weekly 1R = 4184
Day 1R =4196 (note being so close together this will be a strong resistance level)
Day 2R = 4308
Bearish
Weekly 1S = 4024
Day 1S =3958
Day 2S = 3838
Weekly 2S = 3745
Monthly = 3693
Note: the higher the time frame the greater the power of the level.
This is not normal pivot lines but a new concept in level prediction based on previous market ranges.
If these prove successful and useful to traders and the like, I may start a service for all times periods and markets.
Leave a comment if you want to nominate a index or market.
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