we are at a decision point in the pennant formation. The squeeze will result in more sideways action, expect a close not much higher than where we are right now. I do expect there to be some price swings and should offer day traders a chance to make positions on the fibs without much risk.... aside from this being a very very risky area to take anything for granted , but weve established some very clear sell off and Buy zones in this zone which is responsible for the sidways, albeit upward crawl in the channel
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I think we wont set any new ATH today, more than likly the 5th wave will not get drawn in today and we will endeavor to stay in the established uptrend channel
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This may be the more realistic picture, we will need to pay close attention to how the market reacts when we break the pennant
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i believe if (3) cant make a higher high , (4) will be a lower low prior to (5)th leg extension
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we have just crossed on the upside, watch for a retest of either the pennant or a test of the channel for support
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this time frame is too low to confirm anything with a clear rejection of 3 or more tests, watch for rejection on 1 hour for confirmation of support
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watch for higher high, before corrective movement, if we can flip the Ath as support,72k is in sight
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40 mins until candle close, it looks like bears are trying to test the hearts of the bulls here
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Redraw off the pennant, were back inside. past 2 candles on 1 hour are strong indicators of market strength
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we should retest resistance of the ATH today, watch for a new support if we can flip it and move up into 71500~