I will not be surprised if we come back down to the Basis in the Bollinger Bands in the Daily (24h) TF. Which is currently right at $10,000. My 50.0% FIB RT (Re-Trace) is also around $10,000 near the Bollinger Bands Basis in the Daily. I'm expecting this turn back downward to only be brief. Which means I'm expecting a return to upward pressure rather quickly. WHY? Because our Purple Energy in the Weekly, 9-Day and 12-Day time frames is nearing exhaustion and appears ready to turn back up to upward pressure very soon.
Will we go to higher highs when the Purple Energy in the Weekly, 9-Day and 12-Day turns back up? No, I personally do not believe we do. I believe the upward pressure will only continue for a couple of weeks at most and then we turn back down till some time in mid September where we will see the BEGINNING of a SIGNIFICANT reversal to the upside and test the ATH (All Time High) by end of 2019.
More charts (updates) will be provided to this publication over the next several days. I'll be sure to post an update approximately 24 hours AFTER the creation of a NEW 9-Day, 12-Day and 2-Week candle that begins on Monday, August 5, 2019. The indicators will update in those time frames on August 5th. When they do, we want to see if the Purple Energy has bounced (exhausted) and turned back upward for a brief stint before turning back down once more till at least to mid September.
I'll post a chart shortly with the FIB I focused on in the video.
Thanks for your support!
Stay Awesome!
David
Komen
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Daily (24h) to provide a look at the FIB Re-Trace levels:
Komen
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As you know, the upward pressure continues based on what we saw in the higher time frames in Part 1 Video of this series. Simply posting this same update here that was posted in comments section of Part 1 video.
2-Day TF WITH indicators:
24h TF WITHOUT indicators: The important thing to remember is upward pressure continues for a bit into the month of August before we go into one final brief bear trend in September to set us up to test ATH (All Time High) in Quarter 4, 2019.
Komen
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Update on the office remodel: Please ignore the mess...
Here's the new sliding shelf for the keyboard in the closed position:
Yes, the Magenta line has won "thus far" in regards to the bottom. However, I'm not sure how good I feel about it making it all the way up to $14,780.60 the way I drew it in the following publication. If you click play, it's not bad in regard to the bottom. It's the top (high) I'm wondering about.
That's the reason my last comment in that publication says, "Scratch both scenarios." Because I don't feel that good about it going all the way up to $14,780.60.
Jour
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@ProwdClown,
Hi,
about "UP" targets i'm always bit careful. But if chinese people want to save their yuans, the best way is BTC. So maybe they buying BTC.
WyckoffMode
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@Jour, Very Possible they are buying BTC as the Chinese gov't devalues the yuan.
Yeah, I prefer to focus on upward or downward pressure rather than price targets. The only reason I provide price targets is that's the "norm." When my website goes LIVE, I will emphasize subscribers to pay attention to upward or downward pressure signals with less resolve for preconceived price targets. In other words, do NOT hold while waiting for the price to go up to a preconceived price target if it's obvious the pressure is reversing to downward pressure.
Jour
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@ProwdClown,
When i look to 2D timeframe we still have enough power to go to 14K
Totally agree... Trailing Stops can prove to be invaluable. I wish ALL exchanges had "trailing stops." I believe they prefer not to because they are likely trading against their subscribers and want to take advantage. At least BitMex has trailing stops.
If anyone is trading on margin on an exchange that does not have trailing stops, they need to leave that margin exchange and go to another one.
As we spoke about, Magenta line won! Bravo!!! Congratulations!
What do you think about correlation between today's trading SPX and BTC.