OBX in a rising wedge formation on lower timeframes.
Since the index closely follows the price of Crude oil (which is in a similar pattern), I expect some pullback at these levels.
First target is around 740, then 715. 700 is the line in the sand in terms of keeping the uptrend going.
(Note that the formation is a fractal of a bigger wedge playing out on the weekly timeframe).
First target is around 740, then 715. 700 is the line in the sand in terms of keeping the uptrend going.
(Note that the formation is a fractal of a bigger wedge playing out on the weekly timeframe).
Comment:
We broke down from the wedge, now we need follow-through. First level I'm watching to change the hourly trend to bearish is 760. Break this level and 750 should be within range.
Comment:
Well, that escalated quickly! :D
Be tolerant with others and strict with yourself.
- Marcus Aurelius
- Marcus Aurelius