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looking at Intel here on the daily timeframe you can see that price has been moving to the downside but notice over here on the Left we have a nice little gap motion going on here and what I believe has happened is prices moved back to that gap obviously it's been to the upside here so let's do a little drawing price has been to the upside it's pulled back here and now I'm looking for it to continue on up into the the upwards direction or in with the uptrend that has been going on here and this is just a nice little pullback that we see going on here you can see the most recent support level or demand zone here on the daily time in the most recent supply zone that we've outlined here so those are the two zones that we're going to be looking for and if we drill down here onto our smaller 60 minute time frame you'll see that inside of these two zones we have the smaller time frame zone here represented by the smaller rectangle when price comes back up here and because it's been basing around here for quite some time I'm thinking that price is going to start to move to the upside and as it does so it's going to hit supply right you know we are in an uptrend this is a pullback so we're gonna hit supply or resistance okay it's gonna cause price to come back now now what I like to have happen is maybe a little bit of a wave motion coming on here as price hits supply this coming week and and basically hits the edge of the supply zone followed by the the strong 60-minute zone inside of that nice confluence of the daily zone there so I'm looking for something like that to happen nice wave type motion and then for price to ultimately push to the upside because in the grand scheme of things I just see this as a nice little pullback in the overall direction of trend so be on the lookout for price to possibly bounce down here one last time hitting the support zone inside of that big daily demands on that just now formed and then possibly bounced the upside as such so that's what we're looking at here here on Intel moving over to Nvidia here on the daily timeframe obviously you can see this market has been in an uptrend for quite a while you know and it looks like we we're getting a nice little pullback here now the real question is is this a pullback or is this the start of something new in order to answer that question we have to look at a few different factors here first off we see a heavy rejection of pricier followed by very very big handles to the downside all right now the big question that I have for you is that a big enough correction to say that we are starting something new to the downside and in my book this is not okay as we're looking at Intel before this is just a nice little pullback in the overall direction of the uptrend so but in order for that statement to really stick we need to see price respect one of these two zones here okay if it breaks one of these two levels are excuse me if it breaks both of these levels then all bets are off and we need to be looking to the downside but until those levels really break I'm not gonna say that this thing is in a downtrend just yet okay I still think that this could just be a nice little pullback and that's pretty much it you know so if we look down into the smaller timeframes to get a little bit of bearing as to what levels we are looking to have hold let's come down here a little bit okay I'm looking for one of these 60 Minutes owns inside of this big daily demand zone to really hold so as price comes down into this zone it's really kind of already bounced off of these two zones so I like it to bounce again off of this zone or possibly come all the way down here to the edge of this daily demand zone and then bounce up now if it breaks it this week then you know that's okay but that's what I would like to see happen in order to maintain the uptrend however if it breaks the 1 76 91 bottom of the zone then we just need to assume that its price is going to fall down to the next daily demands on here at 170 okay but this is what I like to see happen this week and also as this thing plays out here as we're coming to the downside it is very likely that we are going to see some chop if it does decide to to break this zone here we're gonna see some back and forth chop so we might just be moving to the downside completing this move down into demand it may break it over if we look longer than a week but it may reform this support zone into a supply zone and get a flip-flop of supply air of demand becoming in supply so look something like this the zone would be looking like this then okay and you have this nice little red color from that point on and then price we move to the downside so look for a nice little bounce and then a good solid pop to the upside but if it pops and consolidates expect this to happen
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