Hoping for / Waiting for a D-Day was my sales pitch on different forums for my last blog entry.
Let’s do what people always forget to do first: top down analysis.
- With daily closes back below the oversold neckline, the price re-embedded – meaning started trending.
If my name was Oscar, I would had been saying every day as a reminder: “Do not fall in love with the upside!”
Let’s insert here the next image and discuss it in the context of D Days later…
D-Day (Driven Day) #1 to the upside happened upon briefly exceeding Mr. Maroon to the upside. The SD (Screw Drive) got grayed out both to the upside and the downside for being too close to the Mean, the Green River. The close proximity was the reason for them alone not being able to turn back the price.
The second D with its projection box to the upside did not have to turn the direction back down, for it never got turned back up. It was merely a continuation.
I know, double “D”-s can be attractive, and triple D-s, now that sounds confusing. Yet I have 3 more printed since.
The one on the left turned the price back up and had an X, showing no bottom yet – so the stab was expected to happen into the green rectangle.
From then on the direction was up, until today… another D happened on the upside, with another stab – into the projection box, merely 1.5 hours later. Remember the first D I showed you with price slightly exceeding Mr. Maroon? Well, this one did the very same thing.
Finally, the very last D print to the downside… It has its stab distance projection box plotted already. There seems to be limited room for progression right now.
There was a mean reversion in progress that got interrupted forcefully, so better make a mental note of the move being delayed. It would just make it so much more powerful when they let go.
The institution that already bought some at the 10% (deeply oversold) line now has the opportunity to double their bet.
Below: RSI2 divergence as launching pad – for this is rocket science.
First extension filled.
Now, where were them Market Makers at?