I want to make this short and sweet. Smart money is simply not buying here.
Let's take a look at the RSI level on the 4 hour chart. I have circled every area that the RSI has been at these levels in the past.
See the correlation of price action shortly after. Sure I am a long term bull and the March dip is over.... but we ripped a little too far too fast.
As the megaphone is running out of room, I do believe for the short term we will stay inside of it. I will remain bearish until the 401 gap is filled. It may not be next week or the week after but it will get filled.
Let's take a look at the RSI level on the 4 hour chart. I have circled every area that the RSI has been at these levels in the past.
See the correlation of price action shortly after. Sure I am a long term bull and the March dip is over.... but we ripped a little too far too fast.
As the megaphone is running out of room, I do believe for the short term we will stay inside of it. I will remain bearish until the 401 gap is filled. It may not be next week or the week after but it will get filled.