No breakout Today. According to Time based Fibonacci, we are on the verge of a long term trend change but if we dont get a trend change till first weekend of febraury, we are probably going down to near or below 2000s. but for short term we are going to see a bounce after a small drop.
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Complete picture
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Sorry wrong pic
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Although a drop is likely but Bullish momentum has started to built up
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Well , our bullish momentum wasnt strong enough, as we have seen. But still its not gone. Although it looks like a break out but its not !....In terms of strength, Right now, we are 55% Bearish and 45 % Bullish. The pattern is bullish and there is a high probablity that it will play out but there is a 55% chance that we will have another drop before having a move up.