The market finished the last week at an inflection level. The rising bottom, higher lows, is suggesting a potential breakout and a retest of the monthly R1 (15250 ish) level. That level may attract profit takers.
Many are puzzled by a relentless upside move. Even smaller advances but still the more important part is no selling.
My personal view is only technical. As a day trader with 1000s hours of screen time who watches the moves days in and days out on a tick level. Market is very technical and driven by machines(Algos) in auto-pilot mode most of the time. Their masters don't see a reason to override that behavior at the moment.
Potential scenarios for the upcoming week:
- A breakout and a retest of the monthly R1 and above
- A breakout and return back into the consolidation - a fake out. That may lead to a retest of monthly pivot and even monthly S1.
- Horizontal development - continued consolidation within the narrow range. This type of action would build even more energy for a strong move up or down.
08/15/2021
50 year anniversary of US dollar/gold divorce.
Many are puzzled by a relentless upside move. Even smaller advances but still the more important part is no selling.
My personal view is only technical. As a day trader with 1000s hours of screen time who watches the moves days in and days out on a tick level. Market is very technical and driven by machines(Algos) in auto-pilot mode most of the time. Their masters don't see a reason to override that behavior at the moment.
Potential scenarios for the upcoming week:
- A breakout and a retest of the monthly R1 and above
- A breakout and return back into the consolidation - a fake out. That may lead to a retest of monthly pivot and even monthly S1.
- Horizontal development - continued consolidation within the narrow range. This type of action would build even more energy for a strong move up or down.
08/15/2021
50 year anniversary of US dollar/gold divorce.
