It's hard to tell what's going on right now, but one thing this chart tells me is that we are still in consolidation. One thing that I think might be a good indicator is the triangle we are currently in. As you can see, there is a lot of support below us and the current trend is still apparently bullish, so the market apears to favor a bullish outcome at this point.
Volume has been very low, which is one reason I didn't trust the apparent ascending triangle we had earlier. It turns out I was right and we returned to my target level of $235. You can take your chances based on these lines, but due to the volatility of this zone, I'm looking for either a breakdown of the $210 level and a retest of the lows or a steady climb and break of the most recent top. This ensures that you can catch the big moves, but for now, there's not much to be excited about in this little consolidation zone. You can catch a few spontaneous patterns here and there, but as I've mentioned before, the two levels I'm watching right now are $210 and $250-$260 with an eye also on this triangle as a trend indicator.
Volume has been very low, which is one reason I didn't trust the apparent ascending triangle we had earlier. It turns out I was right and we returned to my target level of $235. You can take your chances based on these lines, but due to the volatility of this zone, I'm looking for either a breakdown of the $210 level and a retest of the lows or a steady climb and break of the most recent top. This ensures that you can catch the big moves, but for now, there's not much to be excited about in this little consolidation zone. You can catch a few spontaneous patterns here and there, but as I've mentioned before, the two levels I'm watching right now are $210 and $250-$260 with an eye also on this triangle as a trend indicator.
