The speed of the market, thus the beginning of a “market day” has no relationship to the regular day cycles or session times.
The market day starts when a foundation is made.
RSI2 on the 30 minute is a handy tool for measuring what I call “local” overbought/oversold. This high speed tool is basically measuring things that are happening in the 7.5 minute world.
When a Foundation is made, which I would put somewhere below an RSI2 “5” reading on the oversold scale, the day starts.
The day start is also an invocator, of course, but later on there may be other invocators showing up, that all have the potential to end the move most likely with a terminal/extension length wave coming out of them.
I would consider any RSI2 down pointing triangle an invocator as long as the HL2 RSI2 shows a value below 44 on the long side.
Therefore, I need to make an adjustment to the projection boxes and values.
Now, that the boxes are aligned properly, you can see, that there was a 50% failure (white dash & value). Furthermore, you can see that a new day has started to the downside that had a foundation made at that value, and has progressed to make a new invocation that had 1.1730 as its starting point and with the statistical values projected 50% at 1.1690 and ATR oversold starting at 1.1670.
A full tank move downwards would put the price at a back test of the Wave 1 Live / Die area. There would be a bounce or continuation coming from about 10 pips below the printed value, which, as you can see basically would be the end of the last 15-minute consolidation, marked by my 15-min ATR projection arrow in indigo.
The rectangles in this
work with the EUR/USD statistical, 80 pips tank, so don’t use it with any other pair.