How to count thrusts on 5-min price chart
Once price starts breaking out, you can use the 5-minute chart to count thrusts and track how much further price can rise.
The 200 EMA green line (5-minute chart) functions as key support when price is breaking out.
Price will rise and pull away from the 200 EMA green line, like a stretched rubber band. We count each stretch as a thrust.
Like a rubber band, price cannot be stretched forever. It will snap back to support at the 200 EMA green line. Each snapback sets the stage for the next thrust.
Note that when price rises very rapidly, it won't always snap back to the 200 EMA green line. Instead it will snap back to the 50 EMA red line, lingers for a bit and takes off with the next thrust. This counts too.
Typically, each up swing has 4 thrusts. But when price is very bullish, it can have 5 thrusts.
The 200 EMA green line (5-minute chart) functions as key support when price is breaking out.
Price will rise and pull away from the 200 EMA green line, like a stretched rubber band. We count each stretch as a thrust.
Like a rubber band, price cannot be stretched forever. It will snap back to support at the 200 EMA green line. Each snapback sets the stage for the next thrust.
Note that when price rises very rapidly, it won't always snap back to the 200 EMA green line. Instead it will snap back to the 50 EMA red line, lingers for a bit and takes off with the next thrust. This counts too.
Typically, each up swing has 4 thrusts. But when price is very bullish, it can have 5 thrusts.