Upward pressure should LIKELY continue until the 6-Day Candle beginning February 12, 2020. However, we may not see a brief consolidation event actually begin until February 15th or 16th, 2020.
I'm still seeing upward pressure continuing to mid February before we see a dip over a brief period of time and then continue going up after that dip. To be clear... Upward pressure REMAINS until mid February. I do NOT get stuck on price. I focus on pressure... whether it's upward or downward pressure. When I get a signal the pressure is reversing, I may or may not do some trading. It depends...
I'm seeing some new developments in certain time frames to suggest a potential huge engulfing Monthly Candle for February that would be the same; if not a taller Monthly Candle like we had for January. What I'm seeing has nothing to do with the Monthly TF. It's in lower time frames. I will provide a video update later this afternoon or this evening.
Popovich
⋅
While we have a generally optimistic outlook, I am rather brooding over a possible draconian outcome in the short term, as I see that the 1-2D TF have reached 80 level (they might or might not continue), 3D's green line is way ahead of the white energy indicating upward momentum could end sooner than expected, and the 4D white energy is steadily dropping down to almost 50. Same might be said for 5D. Though the 7-9D shows it's likely to have continued upward pressure for about two more weeks, I can't help but worry if we could have a flash dip back to 8250 some time in a few days.
Since we see PLENTY of room for the White Energy to come down to 50% level in the 8-Day; this tells me we will likely not see a deep drop in the 4-Day TF. My opinion of course. ; )
Popovich
⋅
@WyckoffMode, thanks for this bit of information. Looking back I could see that after the 3k bulltrap, most lower timeframes had reached overbought area but in no TF is the red line above the 50 level. So when it came time for retracement, the price dumped immediately after passing the highest tip of the white energy. I guess we are in a different scenario today.