Be sure to keep a close eye on the White Energy in the 2-Day TF. I explain WHY in the video.
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"It's THIS 12-Day Candle in Which We Find Bottom & Begin Reversal"
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If the White Energy in the 2-Day TF ends up not making contact with the 50% level until October 9th, we may have to wait until October 11th or 12th before we see reversal to upward pressure. It basically all stems upon WHEN that White Energy hits the 50% level in the 2-Day to get a better idea of WHEN we can see a reversal to upward pressure.
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Here's a look at the 2-Day TF: The White Energy may hit the 50% level on the 2-Day Candle beginning October 8th. If this is the case, it may require one or two more 2-Day candles afterward to find bottom and see a reversal from downward to upward pressure. Which means it’s POSSIBLE the bottom with reversal is not REALIZED until the 2-Day Candle that begins October 12th.
Here’s a closer look at Godmode 3.1 Mod with LSMA in the 2-Day TF:
I've drawn lines within the indicators on the Daily (24h) chart to show the POSSIBLE future trek of the lines to indicate POSSIBLE future "PRESURE." It appears reversal to upward pressure could POSSIBLY begin on or around October 11th.
Here's a closer look of Godmode 3.1 Mod with LSMA in the Daily (24h):
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If you are wondering why I have the White Energy going below the Green 20% level horizontal line in the Daily (24h) TF, it is because the White ENERGY in the Daily clearly shows more downward pressure is to continue. Which is why I have the White Energy in the Daily falling deeper than it's current levels and NOT reversing back to the upside at the Green 20% level.
I'll have a look at the 12h TF shortly to see what it may be telling us in a shorter term.
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CORRECTION: I meant to say, "...it is because the White ENERGY in the 2-DAY TF clearly shows..."
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The White Energy is not telling us much in the 12h TF. Which forces us to use a higher time frame; such as the Daily and 2-Day; to get a feel on where the PRESSURE in the market is heading.
In the Daily (24h) I've drawn the Blue LSMA in Godmode trending down; I've drawn the Magenta RSX in Phoenix 1.391 trending down and the Green Stochastic RSI with custom inputs trending down BECAUSE OF WHAT WE SEE IN THE DAILY AND THE 2-DAY TIME FRAMES.
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I'm seeing this more like a descending wedge with a price target along the lower boundary of the descending wedge at approximately $7,388.29 or higher. If we were to bust below $7,388.29, I'm leaning more towards $6,996.70 as the bottom.
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I still need to re-emphasize; even though we may go lower, I'm still anticipating a 4-Day candle that wicks down to the target range of $7,388.29 to $6,996.70 to CLOSE at least above the Green 110-EMA in the 4-Day TF. Remember, we are IN THE PROCESS of setting a new PRECEDENT to determine whether or not we continue in a bull market or revert into a bear market. Of course, this new PRECEDENT we are trying to establish all stems upon whether we continue with the long term bull trend when looking at the Monthly time frame.
Having fun WHILE learning at the same time. Nothing like getting experience WHILE learning...
You will RETAIN a lot more by doing what you are doing rather than sitting on the sidelines doing nothing with charts, etc...
Depending on the person: We RETAIN approximately 20 to 30 percent of what we read.
Depending on the person: We RETAIN approximately 40 to 60 percent of what we write down.
Depending on the person: We RETAIN approximately 70 to 90 percent of what we SAY.
However, what we SAY comes with one caveat - Depending on the person: Things become a HABIT if we DO or SAY them 18 times straight. Which means, the more repetition the better.
ALl I'm trying to say is everyone gets better with FOCUS and REPETITION.
I made the "18 Times...." comment to encourage focus and repetition to get your thought process when doing TA to the point of like riding a bicycle (HABIT).
I used to teach telephone technicians how to use their meter to identify, locate and clear troubles. The class I taught lasted two weeks. I taught that class from July, 1997 to June, 2017 for several telephone companies. During that time I developed 172 questions that I had memorized. I asked the technicians those questions at least 18 times straight and REQUIRED them to SAY the answer every time I asked the entire class the questions. It's like I was a choir director and they were the choir. By the time the last two days of a 10 day class was drawing to a close, I had all of them SAYING the answer to all 172 questions.
I also had them DOING what I taught them in class at least 18 times straight on training boards that simulated 19,700 feet of 24 AWG Air Core Cable. I had many 3 position switches on the training boards in order to do many things to that 19,700 feet loop. I could make the loop shorter or longer. I could put any high or low resistance short, ground, cross or open anywhere along the 19,700 feet loop. I had a means of placing power influence on their training board to create noise troubles, etc... etc...
Bottom line: I had them DOING -AND- SAYING everything at least 18 times straight in order for what I was teaching them to BECOME A HABIT (Like riding a bicycle).