In this cycle, since the push up from the Low in Jan 2023, we have had 2 other Major pushes.
Each of these came off the Rising line of support that we are currently heading towards again, with the date of "Touch" currently in Mid June.
If we rise and stay back in the higher Range Box, that date is even later in the year ( around Mid Q4 )
As I have talked about many times, I am watching the MACD as the "trigger".
The chart below is the Weekly MACD
https://www.tradingview.com/x/A6AvvJby/
We reach Neutral , if we continue current rate of descent, around end of April
This is obviously before we would hit the line of support being talked about above.
That leaves 2 possibilities.
1) - MACD may drop below Neutral
2) - We may see a bounce from PA but NOT to a New ATH
If you look back at previous range we had in 2024, there was a bounce there.
See how the Histogram went White as we had that bounce
We Just had a white bar on the histogram .
Will we see another White bar next week and a further rise in PA
Top of current Range box in 91K - We could head to that again, Drop back to the Low around 78K and then we would be ready. This would be over the next 3 - 6 weeks
78K is the Price that touches that line of support the soonest, in early June
Why could we go back down?
For the reasons above regarding the MACD BUT ALSO ;-
There are things called FAIR VALUE GAPS (FVG)
. These gaps highlight market inefficiencies and potential trading opportunities, allowing traders to anticipate price movements and confirm trends.
https://www.tradingview.com/x/x5gDEvUe/
That area just below Current PA on this weekly chart is the FVG that goes down to 73K
It is NOT guaranteed that PA will revisit that area but while we sit so close, the potential exists
But something to note, that could be benifical is that Should PA Drop to Fill that Gap, PA could hit that line of support earlier than Mid June..infact, it would be a month earlier and be in Mid May.
So, I can see the potential for a push higher in the near future, to extend MACD, then a drop back to the range Lows, a Sharp wick down to around 73K and THEN a sustained push higher...
This is just an idea.....No guarantees...But it does have Potential
We will see - Time will tell...........
Each of these came off the Rising line of support that we are currently heading towards again, with the date of "Touch" currently in Mid June.
If we rise and stay back in the higher Range Box, that date is even later in the year ( around Mid Q4 )
As I have talked about many times, I am watching the MACD as the "trigger".
The chart below is the Weekly MACD
https://www.tradingview.com/x/A6AvvJby/
We reach Neutral , if we continue current rate of descent, around end of April
This is obviously before we would hit the line of support being talked about above.
That leaves 2 possibilities.
1) - MACD may drop below Neutral
2) - We may see a bounce from PA but NOT to a New ATH
If you look back at previous range we had in 2024, there was a bounce there.
See how the Histogram went White as we had that bounce
We Just had a white bar on the histogram .
Will we see another White bar next week and a further rise in PA
Top of current Range box in 91K - We could head to that again, Drop back to the Low around 78K and then we would be ready. This would be over the next 3 - 6 weeks
78K is the Price that touches that line of support the soonest, in early June
Why could we go back down?
For the reasons above regarding the MACD BUT ALSO ;-
There are things called FAIR VALUE GAPS (FVG)
. These gaps highlight market inefficiencies and potential trading opportunities, allowing traders to anticipate price movements and confirm trends.
https://www.tradingview.com/x/x5gDEvUe/
That area just below Current PA on this weekly chart is the FVG that goes down to 73K
It is NOT guaranteed that PA will revisit that area but while we sit so close, the potential exists
But something to note, that could be benifical is that Should PA Drop to Fill that Gap, PA could hit that line of support earlier than Mid June..infact, it would be a month earlier and be in Mid May.
So, I can see the potential for a push higher in the near future, to extend MACD, then a drop back to the range Lows, a Sharp wick down to around 73K and THEN a sustained push higher...
This is just an idea.....No guarantees...But it does have Potential
We will see - Time will tell...........
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.