Update: BL Daily

Bullish momentum has continued since last post. PMO continues to rise and has expanded over last two sessions. RSX has cooled off a little bit and turned upward again. I see two potential scenarios playing out here:

First, the market run continues and BL, without any resistance above, keeps closing the gap on its ATH of 58.15; a positive surprise on ER would probably launch into the 54-58 range. if this happens, the RSX will become severely overextended, and we would probably see another precipitous drop around the current ATH . Alternatively, BL pulls back to SMA200 and hovers around there (between 0.382 and 0.5 fib levels), consolidating in a lead-up to earnings . With positive ER, a golden cross would follow soon after and signal a renewed long-term uptrend.

Monday should give us a cue on which scenario will play out.

Disclaimer: This is only opinion. This is not investment advice. You are responsible for your own trades and conducting your own due diligence.
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