Hey there, fellow traders. Long time I haven't posted, but no time like the present to get back to it.
I was one of the few who were not convinced that we were going to just blow past $10,500. Now, with us struggling to stay above $9,500 the case for the CME gap fills are becoming that much clearer. $8,500 CME gap fill would be a retest of the 21 week MA, but I believe we ultimately will be heading to a gap fill at around $7,600, which would be a retest of the 60 week MA, as well as around a 78.6 % retracement, which we saw after the breakout from the bottom of 2018 before its true parabolic move up. Most people were shunning the gap at $8,500, and now that we are headed down, those same people aren't watching for the minor gap down at $7,600. Also it would set up an almost perfect IVS to pump us to the heavens. Will be interesting to see their reactions in the coming weeks. We have an all but certain rejection of an ETF coming on February 26th, CME expiry on Feb 28th, and March is typically a "red month". Stay tuned.
I was one of the few who were not convinced that we were going to just blow past $10,500. Now, with us struggling to stay above $9,500 the case for the CME gap fills are becoming that much clearer. $8,500 CME gap fill would be a retest of the 21 week MA, but I believe we ultimately will be heading to a gap fill at around $7,600, which would be a retest of the 60 week MA, as well as around a 78.6 % retracement, which we saw after the breakout from the bottom of 2018 before its true parabolic move up. Most people were shunning the gap at $8,500, and now that we are headed down, those same people aren't watching for the minor gap down at $7,600. Also it would set up an almost perfect IVS to pump us to the heavens. Will be interesting to see their reactions in the coming weeks. We have an all but certain rejection of an ETF coming on February 26th, CME expiry on Feb 28th, and March is typically a "red month". Stay tuned.
Comment:
$8,500 gap filled, let's wait and see for $7,600.