Short for Morten Harket and the Commuter market.
First to show that the Maximum Pain concept is something to fall back on when nothing else is going on.
Now, an excess thrust is price going outside the Ionosphere for the second time within 48 hours.
This requires a reset at the Ionosphere line. E32+-87 pips.
The violation is important, a mere touch does not qualify. As an example this skidding & violation combo could be reset by the Green River, it did not have to make it to the Ionosphere:
The 2-Wall concept
So now that we are aware that we are in a counter downtrend in a Commuter Buy Market and we know that the resolution for the double violation must be a discharge on the Ionosphere, we need to understand that legs run into walls, and every second encounter would result in a setback that would mean a reload further back.
The red lines go from the sell level to the second Wall encounter. The orange arrows are the decisive closes back inside the 30-sample BB.
The latest development is that the market seems to have made a new sell level in the form of a new red line.
The next move would either be a 2x wall encounter (& going back for reload) or the discharge on the Ionosphere.
As far as Morten, he did not fool me for one second.
Neither could Chris Doughty for that matter.
As at the Le Bateau Ivre on the Telegraph Avenue I used to say, Happy Hollandaise!