Looking Like Upward Pressure Continues Till Last Week of January
The Redi RSI in the 3-Day Time Frame (TF) is well above 50 percent level. It's currently at 77.7 Percent and rising. This means we do not anticipate a POSSIBLE significant dip until the White Energy in the 3-Day TF approaches the 50 percent level. The White Energy is currently well above 80% and falling. Which means we expect upward pressure to remain at least until the 3-Day Candle beginning January 25, 2020 but upward pressure may remain until the 3-Day Candle beginning January 31, 2020. We will need to keep a close eye on the White Energy in the 2-Day, 3-Day, 4-Day, 5-Day and Weekly TF's.
Even though upward pressure remains at least until the 3-Day candle beginning January 25, 2020, it does not necessarily mean the price action MUST go up. It definitely increases the ODDS of the price action continuing upward until then. This also means you may need to suppress any thoughts of shorting in the near term until we see what the White Energy and Red RSI looks like in the afore mentioned time frames at the end of the previous paragraph.
We still have plenty of time to potentially make it up to my PRIMARY 1.0 FIB at $9,948.98 by the last week of January, 2020. It would be nice if it could make it at least up to my 0.786 SECONDARY FIB at approximately $9,485 before having a brief consolidation event. The main reason for wanting the price action to go up to at least $9,485 is to allow room for the price action to fall back down to the 20-Week Moving Average in the Weekly TF to find it as support. Anything higher than $9,485 is a bonus buffer between our high before consolidating back to the 20-Week MA to find support.
Stay Awesome!
David
Even though upward pressure remains at least until the 3-Day candle beginning January 25, 2020, it does not necessarily mean the price action MUST go up. It definitely increases the ODDS of the price action continuing upward until then. This also means you may need to suppress any thoughts of shorting in the near term until we see what the White Energy and Red RSI looks like in the afore mentioned time frames at the end of the previous paragraph.
We still have plenty of time to potentially make it up to my PRIMARY 1.0 FIB at $9,948.98 by the last week of January, 2020. It would be nice if it could make it at least up to my 0.786 SECONDARY FIB at approximately $9,485 before having a brief consolidation event. The main reason for wanting the price action to go up to at least $9,485 is to allow room for the price action to fall back down to the 20-Week Moving Average in the Weekly TF to find it as support. Anything higher than $9,485 is a bonus buffer between our high before consolidating back to the 20-Week MA to find support.
Stay Awesome!
David
Comment:
If you need the text bubbles a little larger for reading, here is a better screenshot:
Comment:
Here's a look at the Daily... Most of you already know we need to change the 200-Day Moving Average from resistance into "support." Just as we need to change the 20-Week Moving Average from resistance into support.
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4-Day Time Frame:
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