Currently, we have not elected any Weekly Bearish Reversals from this new high. The immediate Weekly Bearish Reversal to watch lies at 1204992 but focus more on 1193037. A closing beneath this level will signal a temporary high is in place. Additionally, a closing beneath 1265970 would also imply a technical based pause in the uptrend for now.
Comment:
Since the high of 1284166 established on Tuesday May 16th, we have declined into a low at 1248995 created on Thursday May 18th overall for 2 days electing in the process one Daily Bearish Reversal. We need to focus on support at 1247786. If that level is breached on a closing basis from here, then that high should stand for a while. Electing the Weekly and Monthly Bearish Reversals from that same event will confirm a retest of the major long-term underlying support.
Comment:
Currently, we have not elected any Daily Bearish Reversals from this new high. The immediate Daily Bearish Reversal to watch lies at 1266248 but focus more on 1259332. A closing beneath this level will signal a temporary high is in place. Additionally, a closing beneath 1273478 would also imply a technical based pause in the uptrend for now. Technical projected resistance for tomorrow stands at 1294840. Only exceeding that level would imply a runaway breakout to the upside.
