Periodically, I take time to chart the various harmonic scenarios for both the upside and downside cases.
It helps pass the time while sitting and staring at the computer monitor, watching our forecast play out (so far, so good.)
It's also helpful in generating a set of potential outcomes for the market over both the near and longer-term.
Downside Scenarios:
Remember, all harmonic patterns begin with a significant reversal which we call Point X. Over the past year, we can see three obvious Point X's, each of which generates its own set of Fibonacci retracements when paired with the recent 1422 high. These grids, in turn, are of great help in developing a forecast.
It helps pass the time while sitting and staring at the computer monitor, watching our forecast play out (so far, so good.)
It's also helpful in generating a set of potential outcomes for the market over both the near and longer-term.
Downside Scenarios:
Remember, all harmonic patterns begin with a significant reversal which we call Point X. Over the past year, we can see three obvious Point X's, each of which generates its own set of Fibonacci retracements when paired with the recent 1422 high. These grids, in turn, are of great help in developing a forecast.
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