On each fractal level in accordance with the colour coding shows confirmation levels and failure levels. These are there to determine when am I wrong! Remember 80% of the time we get 5 wave up and on 1 fractal scale smaller 5 waves down.
These levels do provide support and resistance and it is important to reinforce they are the result of peoples behaviour. Simply put these are areas put their stop losses or entries or exits, and typically once they have been used they fall away, and this happens on each fractal scale depending on the traders investment horizon.
Starting on the monthly interval confirmations are shown on various fractal scales.
Here we can see pivot D4 has been confirmed because prices rose above pivot 3 high of 1263.37 made in the previous month.
We can see pivotal resistance at 1309.02 formed by the D-4 pivot of the downtrend, and as this is an uptrend on the weekly fractal the counter trend fractal doubles and in this case a D pivot offers weekly resistance.
From wave counting rules the criteria for a 5th wave have been met, and confirmation of the high is the D4 break at 1217.96.
Once the high is made, again because of counter trend behaviour, the weekly bear confirmation shown (a daily confirmation which in this case also confirms the weekly top) will provide support on the deci fractal and pivot d-1 is likely to occur in this area.
We then have an elected M-3 confirmation at 1180 and an elected daily at 1132 with the first unelected one being the December W-3 low at 1046.54. That is the area where we can expect support on a bigger fractal and in this case this is the area where D-1 is expected to form. (there is actually cyclical support around 1100 so do not expect D-1 at 1046.50!)
Next if we look at the weekly interval we can see more detail of pivotal support and resistance.
We are in daily wave 5 as shown on the monthly interval previously. On the weekly level we can see resistance starts at D3 high 1263.37 (forgot to draw it!!! - that is why I need people to check once they understand as this should be shown!!!!)followed by d4 confirmation at 1285.77, with a daily confirmation from the downtrend at 1307.50.
Support starts at the deci level at 1237.24, with deci 2 at 1202.13 (which coincides with cyclical support of 1198.34, followed by D4 support at 1191.08 (also forgot to draw it!!!).
So from wave counting technically we have a valid monthly count, weekly count and daily count all of which have met MAP Wave count criteria. Deci 4 confirmation is 1285.77 (MAP Rules equal or greater than) of which there is a 20% chance of failure.