Sounding like a broken record but we continue to accept value higher. That means I will continue to be long and continue to follow the value. 2992 is the line in the sand below where I think we pull back into the next distribution below, as shown on the video.
Market gapped up on G20 news and we finally got to (and past) the 2950 area we were talking about from last week. This is why patience is important because the market doesn't care about your timeframe, but it was easy to get out of the long last week and if you did, you would have missed the move higher. That said, I only caught a portion of it because I was not...
Got some relief and found buyers before we could hold below 2920. Next stop, IMO, is 2950. Weak high overnight shows that we are most likely to continue higher.
Some great clarity from only looking at one chart. Some key areas above at 50 and below at 20. Stay out of the noise.
Status quo for this market, continue to move higher and then balance. This is telling us that we are unlikely finished moving higher just yet. I would'nt expect to see a reversal on this low volume from the overnight session.
We go from quarterly to the daily timeframe to get an idea where we are now in the big context. Watch how price reacts when I show the Action/Reaction Model. Happy weekend toall Emilio