August Gameplan Continuation Of Mitigated RangeUsing the prior range, price has retraced back into the 50% level to mitigate orders. This also aligns with the uptrendline on the weekly.
I am expecting August to be an EXTREMELY bullish month with a huge pin bar at the bottom. I believe this is the month that will break out of 42,000.
Using the fuel from shorts, I can see 6 points of reference for a squeeze back up.
1. The creeping order flow before the blow off down. This signals the bottom.
2. The gap just above the creeping order flow.
3. The gap on the Daily just under August's Open Price of 41,115
4. The 3 liquidity highs at 41,300 41,430 41,675
The June 20th to July 10th range SHOULD be defended and NOT be breached IF my thesis will play out.
On the Weekly, I am expecting price to start buying and complete the 42,000 breakout.