Massive buy-in to send us past the lower neckline (3250); high volatility re-triggered divergence on daily MACD which is a good sign of reversal.
The real goal will be to maintain closes above 3200 to prevent bearish piercing. If we didn't push past 3200 we may have managed a few days of consolidation (1/19 post).
Prior bottom lasted roughly 5.5 days where we reached 3250 in 4.5 and 3400 neckline in 5.5.
Current bottom reached 3250 in 3.5 days, which means if we can maintain 3200+ into Friday, I assume we could make a push to 3400 by EOW.
Keep in mind this is all speculation and relating to past patterns often doesn't work. There are signs for a double-bottom but further correction is still very probable.
The real goal will be to maintain closes above 3200 to prevent bearish piercing. If we didn't push past 3200 we may have managed a few days of consolidation (1/19 post).
Prior bottom lasted roughly 5.5 days where we reached 3250 in 4.5 and 3400 neckline in 5.5.
Current bottom reached 3250 in 3.5 days, which means if we can maintain 3200+ into Friday, I assume we could make a push to 3400 by EOW.
Keep in mind this is all speculation and relating to past patterns often doesn't work. There are signs for a double-bottom but further correction is still very probable.
