We can anticipate one of three (3) possible scenarios: 1) We drop 4.4% from $4,055.35 to approximately $3,875.00; then we leg up to a price level lower than $4,265.00. 2) We drop 10% or more from $4,055.35 to approximately $3,650.00 and continue stair stepping down to test support between $3,300 and $3,500. 3) We continue sideways in a tight trading range...
...for a While. If the Phoenix ARI in the 3h Time Frame (TF) reverses course and makes it up to the 100% level before falling, then we may see more upward pressure till the end of March. However, with the Phoenix ARI in the 3h "NOT" having made it to the 100% level before falling can be an EARLY SIGNAL of potential bear market for a while. In my previous...
I had to stop this publication during the making of it to IMMEDIATELY warn followers they may consider getting out now. I'll follow up with lower time frames shortly.
It does appear my previous publication, titled, "Upward Pressure Until March 16th to 18th; When We Reverse to Downward Pressure" may be correct. I believe I've pretty much said all I want to say in the video with little need to elaborate here in comments. Happy Trading Everyone! Cheers, David
I'm not seeing a significant move up from here. If we do go up more, $59.45 may act as resistance (our high) before falling down to $56.00 to $56.50 price range.
This upward pressure for the next 6 to 9 hours does not necessarily mean the price action will continue up and up. It simply means I do not see us falling SIGNIFICANTLY for the next 6 to 9 hours. I'll have to provide another update in 6 to 9 hours from now to see what the indicators are showing. Also, we will have a NEW DAILY CANDLE in approximately 5 hours...
Also, our Short Contracts are down and our Long Contracts are up. Would be a nice time to liquidate them. No? Does not appear we will make it to that $4,094.50 to $4,130.74 price range target.
Have a look at this link here to see an image of a Distribution Schematic in the lower right corner of this same chart: i.imgur.com I'll follow up with a video publication shortly.
I had a personal message asking WHY I do not have a higher FIB target than my current 1.618 Extension at $62.27. I answered WHY in this video publication.
Finding the DATE of a top can be more difficult than finding the DATE of a bottom. WHY? Because the market spends more time going up than it spends going down. Meaning, the indicators can spend more time at or above the 80% level in the higher time frames (such as the 4-Day TF) than they spend at or below the 20% level in the higher time frames. That...
$4,094.50 looks very possible. Could go as high as $4,165'ish before reversal to downward pressure. Still be prepared to short and/or sell on the 21st or 22nd of March WHILE MAINTAINING A STOP LOSS OR STOP LIMIT WITH YOUR ORDER IF YOU'RE CURRENTLY IN A LONG POSITION.
This is simply a follow up to provide potential LOCAL target for current price move up over the next 24 to 48 hours and to ALSO remind everyone to keep an eye open for potential Wyckoff SPRING sign.
I'll follow up in the future with another publication to try to determine WHERE we may be going over the next 30 to 45 days as we fall down to test support. I'm currently estimating around $37 to $38 range but let's not write that in stone just yet.
This is going to be a LONG drawn out 30 to 45 days as we slowly stair step down to test support at the $100 to $110 price range. We may make it to that price range over the next 30 days; then go sideways within a $7 to $10 trading range for another 14 to 21 days before FINALLY beginning another Simple Rally again in the Month of May. This is my opinion of...
The Daily (24h) Time Frame (TF) is what scares the heck out of me currently. Yes, the 2-Day TF shows a CHANCE for upward pressure to continue until the 2-Day Candle beginning March 20th. However, does this mean the price action MUST continue upward to higher highs? No... If we do go higher, the highest I see us going potentially is to $4,094.50. Also, if we...
Some were wondering about my opinion of an Elliot Wave 5 to $4,200 to $4,500 price range. I'm simply pointing out what I'm seeing currently in the indicators as to the what would have to occur in the indicators for that to occur. I'm not saying it will not occur. I'm ONLY pointing out what would have to occur within the indicators for that Wave 5 to come to pass.
Yes, we are currently experiencing upward pressure in the very low time frames; such as the 90m time frame. However, the Yellow ENERGY indicator is already above 80% level and nearing exhaustion. If we are going to have a run up one more time to TRY to get to that $4,094 price point, it will have to go for it now in my opinion. But once you see the 2h showing...
We will have to see what the indicators look like on the Weekly candle when it updates on March 18th in order to get an idea if we could potentially continue higher AFTER we exhaust in the next 14 to 22 hours.