Good morning, traders. Everyone continues to scream that the sky is falling but price action is telling us something different. Even I had taken a quick position that we may have completed subwave 5 even though I mentioned that I didn't like how short it was. After this weekend, I believe that we may not have completed it yet and, as a matter of fact, subwave 5 of wave 3 may be my $5900/$6000 target with wave 5 reaching my ~$6400 target that I was discussing last week. I've outlined it as I'm watching it at the moment. Currently, I'm still looking for price to target the $5335 level to complete wave B of subwave 4 of wave 3, which I mentioned as a possibility last week in my morning update video, since demand continues to show up. We currently have two pattern targets noting that level: the April 11th-14th TR and the flag that is printing. It is also the 78% retracement level.
The daily Stoch RSI is bottomed out and, with a little upward price movement, should print a bullish cross. Daily RSI is just under overbought and remains within the ascending channel. Other than that, we can see price printing a TR on the daily TF with a target of $5910/15. We should expect price to ultiamtely top out a bit higher than that for wave 3. The previous R5 pivot was at $5954, so likely somewhere between that and $6054. Based on current market structure and price action, it is projected that we will see a golden cross print on the daily TF around April 22nd. Notice price recently being supported at a HVN and the projected wave 5 target hitting the next HVN. I also mentioned last week that we could see price moving sideways through the end of this month, and the current price action continues to support that possibility as price prints a TR. This means that we may not see the move up to complete wave 3 until around the time of the CME futures expiry. If so, then alts should provide good opportunity to profit until then.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
The daily Stoch RSI is bottomed out and, with a little upward price movement, should print a bullish cross. Daily RSI is just under overbought and remains within the ascending channel. Other than that, we can see price printing a TR on the daily TF with a target of $5910/15. We should expect price to ultiamtely top out a bit higher than that for wave 3. The previous R5 pivot was at $5954, so likely somewhere between that and $6054. Based on current market structure and price action, it is projected that we will see a golden cross print on the daily TF around April 22nd. Notice price recently being supported at a HVN and the projected wave 5 target hitting the next HVN. I also mentioned last week that we could see price moving sideways through the end of this month, and the current price action continues to support that possibility as price prints a TR. This means that we may not see the move up to complete wave 3 until around the time of the CME futures expiry. If so, then alts should provide good opportunity to profit until then.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
Comment:
Posted this in the comments again. 1H chart as I'm watching it currently:
