This large pitchfork describes price action for the last month and seems to be still in play. The last week downtrend correction seems now to be over and we are now headed back to the primary uptrend that's been in play for the whole 2016. Three different items point to this:
- We visited the lower part of the pitchfork and the daily candle is now forming a hammer.
- Today's wick just touched 50MA and is now closing above.
- There is a two step bullish continuation pattern that is now complete, marking the start of a new bullrun that will finish somewhere above 1300 at the upper part of the channel.
- We visited the lower part of the pitchfork and the daily candle is now forming a hammer.
- Today's wick just touched 50MA and is now closing above.
- There is a two step bullish continuation pattern that is now complete, marking the start of a new bullrun that will finish somewhere above 1300 at the upper part of the channel.
