Click on the chart to enlarge it.
I've included an additional 49-minute chart (1/8th of a day) to show you an even lower time frame that hopefully answers those who might have asked whether we just got lucky when the big gap down day occurred on the 29th?
Yes, occasionally the markets just drop a piece of luck in our laps, but in this case even the luck of the smash down day was anticipated by the same kind of Ocean analysis that we've used throughout our examples.
Notice that yet another NMC ZeroHit has developed near the close on the 28th, the day prior to the large gap down opening. This vividly demonstrated that there was ample reason to remain in the trade after the first few days of price deterioration.
In addition to the NMC ZeroHit, the NMM MACD and NMM ROC were both exceeding their upper boundaries, suggesting that a substantial, high-velocity move could be immanent.
Lastly, even on this very low timeframe the NMA and
the Fast NMA contained price throughout the decline, demonstrating again the efficacy of multiple timeframe analysis with high-quality analytical tools. As you can see, the combination can be extremely potent.
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