Bear Case: *Multiple failed attempt to break resistance *Head and Shoulder formation *Broken wedge up *Lack luster volume *Bearish divergence on RSI ***Motivation for break lower : recession fears
Bull Case: * 50 MA broke back above 200 MA * Price holding above those two MAs * Symmetrical Triangle engulfing the H&S (Larger pattern usually plays out) * Possibly a bull flag forming (look at it in the weekly) ***Motivation for break higher : Trade deal
****Personally, I think we break lower... Let's talk about it!
Interesting analysis. Where do you see it going, somewhere around 242?
PartTimeGenius
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@Septimus, Yes, Around there. The level I'm watching exactly is ~245 (also corresponding to 38% Fib) from the December lows. After that I think we might blow past the 50% Fib (maybe slight pause), but drop to the 68% which is at ~233 and is a major S/R