I think this falling wedge pattern was a re-test of the pattern breakout that launched us earlier this year. Volume has dried up and looking back at the ascending triangle type pattern it broke out of we saw massive, climactic volume there which appears to be a real bottom imo. Volume has dried up as we move to the falling wedge apex. Expect a move soon.
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Even if it remains macro bearish I still think it could retest that diagonal trendline that it broke below
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I can't seem to find any significant resistance until at least the ~224 level. I feel confident this move runs to at least that ~232 horizontal marked on the first chart before we see any significant correction. Looking at it in hindsight, it bounced nearly perfectly on the .618 of this year's surge, signifying to me that it was indeed an intermediate correction rather than a trend reversal.
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Breaking out again. Indicator is a friend's indicator #HeffaeClouds, a modification (improvement) on ichimoku if you're a fan.
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Was pretty wrong about that no resistance until ~221-ish but like this dip buy here. Trying to print a hr dragonfly doji right on the middle band.
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*4hr