Eenie Minnee Minie Moe, Which Direction Do We Go?
There is a decision point (cyan vertical box) coming up around April 4th that I believe will determine our near term direction. Prior to that event I believe we will see some more down action leading to the $7530 price level (yellow box) based on Trend-based Fib Extension 0.618.
From that point there should be a bounce that will send us aimed at the 55 SMA. Depending on the momentum at that time we will either bounce off of it and take the DOWN path or we will launch right through the 55 SMA and head towards the ever increasing 200 SMA.
My bias is to the BULLish target due to the Magic Unicorn Dust (VIX indicator) bands pinching together at the bottom side of the range. This typically results in up action after the gray bars fall lower than the yellow mid-line. When this happens I believe the price will be closing lower than the previous dip and the Trader's Dynamic Index (TDI) will have BULLish divergence.
BULLish Target will be $10,630 based on Trend Fib Extension from the $7,530 level.
BEARish Target will be $4,970 which happens to be the previous ATH prior to our topping out at 20k. This also represents a -75% reversal from our most recent ATH.
From that point there should be a bounce that will send us aimed at the 55 SMA. Depending on the momentum at that time we will either bounce off of it and take the DOWN path or we will launch right through the 55 SMA and head towards the ever increasing 200 SMA.
My bias is to the BULLish target due to the Magic Unicorn Dust (VIX indicator) bands pinching together at the bottom side of the range. This typically results in up action after the gray bars fall lower than the yellow mid-line. When this happens I believe the price will be closing lower than the previous dip and the Trader's Dynamic Index (TDI) will have BULLish divergence.
BULLish Target will be $10,630 based on Trend Fib Extension from the $7,530 level.
BEARish Target will be $4,970 which happens to be the previous ATH prior to our topping out at 20k. This also represents a -75% reversal from our most recent ATH.
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