... In Near Term Before SUSTAINED Upward Pressure. We do have that GAP in the CME Futures to be concerned about. We also see downward pressure approaching in the 3h, 6h, 12h, Daily and 2-Day Time Frames (TF's). This means we will not necessarily have CONFIRMATION of SUSTAINED upward pressure until the next weekly begins and a NEW 3-Week Candle begins for us to have a look at the White Energy in the 3-Week TF.
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Be VERY CAREFUL shorting just yet. The White Energy in the 3 hour (Far left) is nearing exhaustion on its current downward pressure. Which means it could come back up again to squeeze shorts before finally going down to fill the 7,220 CME FUTURES GAP. This means it is still POSSIBLE to go up close to $8,000 before coming down to fill the gap at $7,220. In either case, no shame in waiting a bit longer to go long.
3h (Far Left); 2-Day (Center) and 3-Day (Far Right).
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$7,130 may end up being support. We'll see...
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12h Time Frame:
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Weekly Time Frame to point out "Stock to Flow" (identified with Magenta Line) continues rising:
The Magenta Stock to Flow "rising" is a good sign when also looking at the White Energy in the Weekly Time Frame TRYING to CLOSE "above" the 50 percent level. First things first, we NEED the White Energy in the Weekly to CLOSE "above" the 50 percent level on the CURRENT Weekly Candle. Then, of course, we need the White Energy in the Weekly to CONTINUE going up for several weeks. I like what I'm seeing thus far.
Here's a look at the White Energy in the Weekly Time Frame:
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I will need to have a look at Time Frames lower than the Weekly TF to try to get an idea of WHEN we can anticipate a decent move up to test the Yellow 20-Week Moving Average (MA) at $8,675.00. Simply thought I would share how the Weekly is looking currently.
David, what's the yellow MA in the first weekly chart you posted on 12/26 (with blue & green text bubbles)? It looks like it's been a remarkably consistent price support/resistance marker.
That is the 20 Moving Average. If you just enter "MA" in the search for indicators, you should see "Moving Average" pop up in your search. Click it then change it from the default of 9 to a custom input of 20.
If you are still not quite sure how to set up a moving average with custom input, watch the following video.
HaroldW
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I have just ran across you here on TV. Liked your videos and analysis. I "liked" and also "followed". Clear and concise intel, thank you David. CME gap is filled I do believe today.
Thanks but we will see soon if I "nailed it." Yes, it was quite obvious we were coming back down. I'm still wondering if $7,130 is where we find support; like I said in comments section of a previous publication.
Thanks for the 2020 wishes! Yes, I imagine most all of us are hoping for "sustained upward pressure!"
Stay Awesome!
David
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@WyckoffMode, Yes the way it looks from 1-3D we are still coming down in the short term. I wonder where it could go down to while the weekly is about to rise above 50 level.
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@WyckoffMode, but the 9D does reach 50 level today and projected to keep going, and the 12D turned up today as well after reaching the bottom of a 3rd tip. 2W started turning up a few days ago, corroborating that of 16D. Maybe we are indeed about time to have a true reversal. I can't tell how much price drop could materialize from the recent downward pressure indicated in the 1-3D timeframe in the short term, but it might not be big if at all, as upward pressure begins to sprout in higher timeframes.
Dec 27 arrived without an apocalytic dump as I thought it would (a bulltrap though there was). Now I feel safer picturing in my mind a potential pump to happen soon.
We may still have to wait until the "end" of the first week of January, 2020 -OR- "beginning" of the second week of January, 2020 before we see EXPONENTIAL growth in the price actually come to fruition. In the meantime, we could simply stay within a trading range. There is also a chance of a bear trap similar to the bear trap we had October 2, 2013 before we go up exponentially in January 2020.