The 4H chart shows us that price has exited the July triangle, however we have yet to see the pop and, as such, traders should remain cautious at this time. You can see that I have adjusted, what appeared to be, a symmetrical triangle to an . The blue price lines denoting initial targets are still valid however. The should just mean that price is more likely to pop up than down, but in order to do so we need to see price make some upward moves today and tomorrow. We can see trending down, but this may be a flag signalling an impending breakout to the upside. Until breaches that ascending resistance line, traders must give weight to the fact that is dropping. MACD's histogram has been moving within a horizontal channel since the beginning of September. We can also see the , itself, has been moving within a during this same period though we had a recent breach of the top and are currently possibly retesting it as support. Why is this important? Because price is just beyond the July triangle and is printing an , shorts are over-extended, is possibly printing a , and the histogram has trended sideways. These are all , or neutral at worst, situations. A strong move up at this point from the should indicate that all the other patterns will play out bullishly as well. In addition to all of this, OBV has continued to trend higher although price is lower than 10/14's spike.
As mentioned, shorts are building up once again, currently sitting at 35482. The shorts/longs ratio is now at 1.6035. Generally, these things don't bode well for shorts but price is in a precarious position, so traders may find it most beneficial to wait to see how price plays out before entering a position. 1D just notched a cross and has been trending upward since the beginning of September, and is near the resistance of the symmetrical triangle that it has been printing since June/July. In other words, there's a lot of possible bullishness waiting to be unleashed, but it's just potential. There is no guarantee price will break up. For me, there continues to be no good reason to enter a trade, long or short, at this time. The risk far outweighs any potential reward in doing so. As such, I will continue to watch the 4H TR (denoted by the horizontal black lines) for price breaches which would indicate likely continued movement within that direction.