After price reached my original 720° downside target at 121.55, I started mapping a bullish Square of 9 roadmap from 120.10, assuming that area could become the major low. Price has since continued lower and printed 110.85, which invalidates 120.10 as my major low anchor and also invalidates the specific upside roadmap built from it.
The original bearish study still remains useful because price did reach the projected 121.55 area before extending lower. The mistake was assuming that reaching a Gann level was enough to confirm a reversal. Levels are not signals.
For now, I’m going to let this new low develop before anchoring another bullish roadmap. Once price gives stronger confirmation of a swing low, I’ll recalculate the Square of 9 and continue the study.
The original bearish study still remains useful because price did reach the projected 121.55 area before extending lower. The mistake was assuming that reaching a Gann level was enough to confirm a reversal. Levels are not signals.
For now, I’m going to let this new low develop before anchoring another bullish roadmap. Once price gives stronger confirmation of a swing low, I’ll recalculate the Square of 9 and continue the study.
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