I thought price would at least get to 258.3, but it appears to be running out of steam on this drive. We will see if it pushes up hard or falls below its agressive trendline supporting the price action from the last 2 trading days. We have a pretty clear channel at this point in purple. I would prefer that price surge higher now and exhaust itself maybe gettting to the top of the purple resistance ~261. If it were to do that soon, then I would expect a more aggressive selloff afterward. If it were to continue to create a stronger foundation with small pull backs and coninued buying then I would assume we stay in those 260 areas a little longer and consolidate there.
If we break down from here, taking out the white trendline from the last 2 days, then we will expect price to possibly hit the bottom support of the purple range and horizontal support at 251.3. What it does from there will be very interesting. We could break, dead cat bounce, or continue the rally.
If we break down from here, taking out the white trendline from the last 2 days, then we will expect price to possibly hit the bottom support of the purple range and horizontal support at 251.3. What it does from there will be very interesting. We could break, dead cat bounce, or continue the rally.
