The level where the upward move has last been halted (around 3.47) was key. It is likely that the market will test the trigger line shown in chart. This will necessitate breaking the LWL1 on which the current leg relies. The bullish
motive may continue in the following weeks, hitting the UMLH of the downsloping pitchfork
. During that, the Stoch
should climb up well, explicating either a hidden bearish
divergence or a suppressed bullish
momentum. Both scenarios are bearish
. But the latest push in the Stoch
from the oversold zone has broken old levels, indicating that the final leg has not yet finished. Thus, short-term longs may work as well.