Is this right?
Yes, but I can’t really say there’s any obvious structure to break in what’s on the chart. Except the line at the bottom
The line at the bottom is just a monthly level. When the market moves smoothly with a flow the HH/HL & LH/LL are easy to mark-up. When you have these huge swings, it makes you question what you are seeing or wonder if you are missing something. I appreciate everyone’s and anyone’s insight and input!
Highs and lows are easier to see on such an extended time period of you increase the time-frame to D1. You can then mark each successive upleg/downleg, for example if the leg comprises at least two successive days with HH and HL or LH and LL. An additional advantage of the D1 chart is that breaks of structure can be seen and prioritised not just when the level is pierced by price movement through a high or low but by a new daily close above the high or below the low.
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