With the clearly intact, this market intends to go higher, but buying too early can bring more pain than expected. The 156 support is the .382 area of the recent swing and offers a predetermined level to watch for swing trade long opportunities. The previous candle low came as close as 157 which provides evidence that this level is attracting significant buying activity.
It is a matter of waiting for the price action to fit the criteria of one of our buy signals at S.C. And if the market goes higher without such a signal, then we are perfectly fine with missing a move. Optimal reward/risk is a much higher priority when it comes to evaluating an opportunity.
In summary, this market is poised to go higher in the long run, but in order to participate, it needs to provide a price structure and setup that fits sound risk/reward criteria. Keep in mind, 190 is the next reversal zone boundary which means not only is that a potential exit, but it is also an area to avoid initiating any new longs. Using predetermined levels to anticipate a particular market action is part of the best practices that we adhere to when generating signals at S.C. Speculating in any financial market is more than just making decisions based on information evaluated on a chart. Self awareness and emotional intelligence are also part of the speculative process whether you are managing a portfolio or individual trades. It is this type of insight that you will find on S.C. only.
Questions and comments welcome.