My Prediction Based on 400 SMA Bollinger Bands (1,2,3,4,5 SDs)
Short term, I expect a pull-back to the 2 standard deviation line (off of the 400 simple moving average), then a surge to test the 3 SD level, then a test of the 1 SD before a push much higher.
This move isn't quite "parabolic" by my definition as it failed to penetrate into the white bands (between the 4th and 5th standard deviation levels), so this move may sustain for many more candles, potentially hundreds, before a major correction occurs (something like a retracement back to the 0.618 level for the major impulse move).
Note: I don't expect price to take the path that I drew on the chart. I merely put it in there to demonstrate what I was describing in words, in terms of the different standard deviation levels to be tested (the thick dark line is the 400 SMA and every band outward from that line are the 1, 2, 3, 4, and 5 standard deviation levels from that mean, respectively). At what prices that happens, I can't say, but it will probably happen in "confluence zones" with pitchfork levels / fibs levels/ horizontal S/R / etc.
So, I'm short for the short-term and long for the mid-term.
This move isn't quite "parabolic" by my definition as it failed to penetrate into the white bands (between the 4th and 5th standard deviation levels), so this move may sustain for many more candles, potentially hundreds, before a major correction occurs (something like a retracement back to the 0.618 level for the major impulse move).
Note: I don't expect price to take the path that I drew on the chart. I merely put it in there to demonstrate what I was describing in words, in terms of the different standard deviation levels to be tested (the thick dark line is the 400 SMA and every band outward from that line are the 1, 2, 3, 4, and 5 standard deviation levels from that mean, respectively). At what prices that happens, I can't say, but it will probably happen in "confluence zones" with pitchfork levels / fibs levels/ horizontal S/R / etc.
So, I'm short for the short-term and long for the mid-term.