The orange zone is the monthly OB and the green inside of it is the daily OB, as I have pointed out numerous times before. My short survived the extra bit of push up yesterday, so I remain short toward $4400-$4500 with the caveats of possible wicks lower which I published yesterday and/or the day before. Initial support will likely be found around $4700 at the top of the monthly OB. The 4H dropped through channel support suggesting that more downside is in the cards. on the 4H is nearing the bottom. The 1H continues to drop and is expected to reach oversold and is nearing the top. Price is finding resistance at the 21 on the 1H. As mentioned previously, daily is at the top of the and is topped out, suggesting a reversal on that larger TF. Additionally, yesterday's almost hit the previous day's , yet the candle spread was much smaller and the day ended with a long upper wick. This is indicative of supply coming in and demand fatiguing. The daily 21 is currently at the R1 around $4250.
If we can get the correction toward $4500, then that should set up a 5th wave targeting the $6250-$6500 zone. In that case, we would then expect to see a retracement back toward the monthly OB for a final time before further price appreciation as the wave 2 of the larger degree completes. Currently, 15 minute has printed hidden divergence and supply spikes are showing up increasingly larger near that suggesting increasing selling into demand which should result in price dropping.
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.
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