No Shame Waiting Longer for Long Entry. See Downward Pressure...

... In Near Term Before SUSTAINED Upward Pressure. We do have that GAP in the CME Futures to be concerned about. We also see downward pressure approaching in the 3h, 6h, 12h, Daily and 2-Day Time Frames (TF's). This means we will not necessarily have CONFIRMATION of SUSTAINED upward pressure until the next weekly begins and a NEW 3-Week Candle begins for us to have a look at the White Energy in the 3-Week TF.

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Be VERY CAREFUL shorting just yet. The White Energy in the 3 hour (Far left) is nearing exhaustion on its current downward pressure. Which means it could come back up again to squeeze shorts before finally going down to fill the 7,220 CME FUTURES GAP. This means it is still POSSIBLE to go up close to $8,000 before coming down to fill the gap at $7,220. In either case, no shame in waiting a bit longer to go long.

3h (Far Left); 2-Day (Center) and 3-Day (Far Right).

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$7,130 may end up being support. We'll see...

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12h Time Frame:

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Weekly Time Frame to point out "Stock to Flow" (identified with Magenta Line) continues rising:

The Magenta Stock to Flow "rising" is a good sign when also looking at the White Energy in the Weekly Time Frame TRYING to CLOSE "above" the 50 percent level. First things first, we NEED the White Energy in the Weekly to CLOSE "above" the 50 percent level on the CURRENT Weekly Candle. Then, of course, we need the White Energy in the Weekly to CONTINUE going up for several weeks. I like what I'm seeing thus far.

Here's a look at the White Energy in the Weekly Time Frame:

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I will need to have a look at Time Frames lower than the Weekly TF to try to get an idea of WHEN we can anticipate a decent move up to test the Yellow 20-Week Moving Average (MA) at $8,675.00. Simply thought I would share how the Weekly is looking currently.