The index hit our previous target (2,670) making a slightly higher than expected Higher High at 2,677.75. This marginally extended the upper band of the 1D Channel Up (RSI = 59.375, MACD = 16.280, Highs/Lows = 32.7451), which remains overbought on STOCH and Williams. It is natural to expect a technical pull back either to touch the median (2,640) or to pric a Higher Low (2,620 - 2,597). We will be using those two spots as long entries and target (TP) 2,690. Technically the Channel Up should make a new Higher High above 2,720.
If you count the waves within this short-term "bullish" channel, you will find that we have just passed the top of the third one. This could give you a good idea of whether there is a continuation or not.
On the other hand, if you look at a higher time scale, you will notice that the so-called "bullish" channel is in turn within a huge falling wedge-bearish channel. So take good care, folks!
InvestingScope
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@ReallyMe, Thank you for the input, constructive as always. Wedges get narrower as they develop not wider.
On the other hand, if you look at a higher time scale, you will notice that the so-called "bullish" channel is in turn within a huge falling wedge-bearish channel. So take good care, folks!