Likely to Rise up to or Just Above the Green 50-Day EMA
Appears my FIRST scenario mentioned in my previous publication may be the scenario that plays out. Meaning, we've already witnessed our Selling Climax; went up for an Automatic Rally; came down for a Second Test to complete Phase A of Accumulation and now beginning Phase B with a "Simple Rally" up to or near the Preliminary Support Range identified by the long red rectangle.
TO BE CLEAR: I labeled this a "Long" position ONLY until we reach the Preliminary Support range (identified with long red rectangle).
This chart (below) identifies the trading range we are likely to flow within for a while for the purpose of "Accumulation" before we see a "Sign of Strength" to create a higher trading range. Ignore the Red Text Bubble.
Here's the previous publication mentioning those two scenarios.
TO BE CLEAR: I labeled this a "Long" position ONLY until we reach the Preliminary Support range (identified with long red rectangle).
This chart (below) identifies the trading range we are likely to flow within for a while for the purpose of "Accumulation" before we see a "Sign of Strength" to create a higher trading range. Ignore the Red Text Bubble.
Here's the previous publication mentioning those two scenarios.
Comment:
The 200 EMA is definitely being defended. It turns out my publications on EMA's (Video Publication Below titled, "Had a Look at 50 EMA & Godmode in the Monthly Time Frame") held up.
As well as the Video Publication (below) titled, "Comparing VOLUME in 2015 to VOLUME in Present Day" held up as well.
It would appear we are DEFINITELY in Wyckoff Accumulation.
As well as the Video Publication (below) titled, "Comparing VOLUME in 2015 to VOLUME in Present Day" held up as well.
It would appear we are DEFINITELY in Wyckoff Accumulation.
Comment:
The "PURPOSE" for posting those two VIDEO publications in the previous post is for us to "LEARN" from this. What did we learn? LISTEN TO YOUR MOVING AVERAGES while paying attention to your other indicators to see if they may be falling in line with those moving averages.
Comment:
Possible future trek of the lines within the indicators to show "potential" support for the price action coming up to the Preliminary Support level (identified with a long red rectangle for RESISTANCE):
Comment:
Many want to emphasize how low the volume is. They say it's too low for us to be in a bull market and therefore we are still bearish.
I contend we are nether bull nor bear but rather in limbo for the purpose of accumulation. This will be confirmed if our price action goes to or above the 50-Day EMA in the 2-Day TF or the 100-Day EMA in the Daily (24h) TF.
Note how low the volume was throughout all of Phase B back in 2015. Volume really did not pick up until we transitioned from Phase B to Phase C with that fall down below support. THEN volume began to pick up exponentially when we transitioned from Phase C to Phase D.
So, we can expect continued LOW VOLUME for quite a while until Large Interest have accumulated an amount they deem appropriate before they prime us to take it up to a one new higher trading range after another over the course of a couple of years in Phase E.
I contend we are nether bull nor bear but rather in limbo for the purpose of accumulation. This will be confirmed if our price action goes to or above the 50-Day EMA in the 2-Day TF or the 100-Day EMA in the Daily (24h) TF.
Note how low the volume was throughout all of Phase B back in 2015. Volume really did not pick up until we transitioned from Phase B to Phase C with that fall down below support. THEN volume began to pick up exponentially when we transitioned from Phase C to Phase D.
So, we can expect continued LOW VOLUME for quite a while until Large Interest have accumulated an amount they deem appropriate before they prime us to take it up to a one new higher trading range after another over the course of a couple of years in Phase E.
Comment:
3-Day still looks strong as well. I drew lines inside the indicators to show possible future trek of those lines.
3-Day TF:
3-Day TF:
Comment:
Simply posting this 2-Day TF to reflect back on 3 or 4 years from now; when in a potentially similar circumstance...
Posting this 3-Day TF as well to compare indicators with previous 3-Day TF chart posted February 9th:
Posting this 3-Day TF as well to compare indicators with previous 3-Day TF chart posted February 9th:
How "quickly" do I expect us to reach exhaustion? on or around February 15th.