Camarilla 3rd level monthly trend analysis (long term)
May vs June R3 under S3 (Most Bearish relationship)
Monthly close under S3 might spark drop to S4 - 21K where could find strong support from 2 months S6 and June S4 (multiple levels - Power Of Confluence)
July Developing 3rd level (dotted lines) creating same S3 level @29.2K Bears will really need to try to push under this double month strong support
VPA is the King, any high volume (above Avg) candle patterns around S3 level would confirm bearish or bullish scenario
Bullish scenario: June closing above developing R3 - 36.4K, then we might see a rally to R3 of June - 45.4K from where it will pull back to max monthly S1 to continue the bull run.
Central Pivot Range (CPR) Monthly trend analysis (long term)
Current outlook: Bearish. May’s very tight CPR predicted break up or down (in this case down).
Relationship vs June - CPR is under May’s Bottom Central (BC). The last 3 days were just a pullback with decreasing volume. Monthly New Low = Bearish.
Bullish Scenario: Month close above July’s developing R1 @ 39.8K (current Bottom Central (BC))
Central Pivot Range (CPR) (short term)
Current outlook: Bearish, price keeps rejecting and never closing above CPR - 35K
Bullish scenario: need to close the day with Above average Volume, above CPR - 35K
Candles:
2 Hammers with above average volume = Bullish
Candle pattern looks similar to the beginning of May (8-10th), where R1 was strong resistance and we saw drop to S4, then to S5.
All June was failure @ R1, we might see touch of S4 - 21K
Value Area High-Value Area Low (VAH-VAL) Relationship
VPOC at the same level for 2 months - 36.5K
VAH-VAL Relationship is inside day, means, upcoming month we might see breakout up or down (depends on candles on Above Average Volume (VPA))
Stay Strong