Mid-term I am expecting a move to higher highs - 418 minimum, but possibly as high as 430s. Near-term, however, there is still some risk for further downside to around 389 unless the following conditions are met:
- Red funnel is overall selling pressure, orange is local selling pressure
- Green funnel is overall buying pressure, blue is local buying pressure
*Best case is green path/arrow = test of local selling pressure for resistance around 409, then pullback into the buying pressure zone (green funnel)
** Most likely case is black path/arrow = pullback directly into buying pressure zone around 401 – if that holds as support then it will continue up, need that test though to have stability
*** Bearish case is red path/arrow = pullback into green funnel but doesn't find support (which would allow breakdown and continuation down along the red funnel
Right now tech is in no mans land because it broke the selling pressure, but very rarely does it trade outside the red or green. If tech is going to make the expected move to new highs it needs to come back into the buying pressure zone so that it has majority buyers as it tests the resistance overhead at 407, 409, and 412.
- Red funnel is overall selling pressure, orange is local selling pressure
- Green funnel is overall buying pressure, blue is local buying pressure
*Best case is green path/arrow = test of local selling pressure for resistance around 409, then pullback into the buying pressure zone (green funnel)
** Most likely case is black path/arrow = pullback directly into buying pressure zone around 401 – if that holds as support then it will continue up, need that test though to have stability
*** Bearish case is red path/arrow = pullback into green funnel but doesn't find support (which would allow breakdown and continuation down along the red funnel
Right now tech is in no mans land because it broke the selling pressure, but very rarely does it trade outside the red or green. If tech is going to make the expected move to new highs it needs to come back into the buying pressure zone so that it has majority buyers as it tests the resistance overhead at 407, 409, and 412.
Comment:
Expecting pullback to at least 400-404 in the coming weeks (could drop to low 390s) - this will be a buying opportunity for the next rally in Feb. 2024 (i.e. the run to 418-430).
Comment:
It took the green path. Can see some more upside before pullback - but I wouldn't get sucked into entering long yet, its not ready to make the major run (that will come in Feb.).
Comment:
This will keep running next week through 1/31. Target 430. After 430 it will pullback to 420 early Feb, and then make final run to 445 by end of Feb.
I'll post updated chart - Friday was a legit breakout.
I'll post updated chart - Friday was a legit breakout.
Comment:
Still on track for 430 by 1/31. The final run will be to 439.43 (not 445)
