Hi Everyone! Downward pressure is still with us a while yet. The White Lower B-Band in the 24-hour ($44,800) is first wall of resistance and the B-Band Basis in the Weekly ($52,300) is our next wall of resistance. We also have pretty strong SUPPORT at the B-Band Basis in the 4-Week time frame ($36,800). If we were to see a drop below $36,800, it would not stay below that for very long at all. Why? Because of how high the Red RSI and Blue LSMA are currently in the 4-Week time frame.
If we were to see the price action fall below $36,800 while the Red RSI and Blue LSMA are still quite high in the 4-Week time frame, I would see that as a "Selling Climax" in a new Accumulation Schematic; with $43,500 to $41,500 as our Preliminary Support Range. Why would I point out $43,500 to $41,500 would be our Preliminary Support Range? That is where we would anticipate the "Automatic Rally" event to run up to in Phase A of a Wyckoff Accumulation Schematic.
Happy Trading and Stay Awesome!
David
If we were to see the price action fall below $36,800 while the Red RSI and Blue LSMA are still quite high in the 4-Week time frame, I would see that as a "Selling Climax" in a new Accumulation Schematic; with $43,500 to $41,500 as our Preliminary Support Range. Why would I point out $43,500 to $41,500 would be our Preliminary Support Range? That is where we would anticipate the "Automatic Rally" event to run up to in Phase A of a Wyckoff Accumulation Schematic.
Happy Trading and Stay Awesome!
David
Another Update to Phoenix Ascending Indicator: SETUP Video