Typically, wicks to the upside indicate bearish pressure. You'll also notice many wicks to the downside within this symmetrical triangle or bull flag formation which also indicates bull pressure. It'll be interesting to see how things develop over the next day or so, because it seems to me there is a lot of pressure from both sides, so the next move should be a pretty solid one, whether it's up or down. I've been watching it all day, and am waiting for confirmation with volume however it decides to break. I'm fairly new at all this stuff thought – how do you think things will turn out?
DavisHudson
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@onestepcreative, I think its going up, if the weekly closes above 250. on he 4 hr tho, I think we could fall to 240 on he breakout of this triangle in the short term.