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Not to state the obvious here but we've just had a major breakout of our prior trend. Sure, we have not created a higher high yet but what I will say is we've broken a trendline that has been holding since late November.
Daily closed above the 50 day moving average and rammed right into the 100 day moving average. We're getting some resistance here but the moment we closed above the 50, we saw this huge candle to get us here.
How we react here will be a major tell but typically in a wedge we will get an overextension on the E but we can't pass the C. That would be basically around 4100 that should provide the most resistance.
One last note is the measurement (if you're a geometry buff) of the first impulse candle to the retrace has extended almost exactly 100% of the size of that candle (including wicks). That's something else you can clearly see in the charts.
Ok. One more thing. Fibonacci from the top (4241) to the bottom (3331) has got the 61.8 retrace at just shy of 3893 which is where we've also seen our rejection.
Lots of confluence here to look for a PIVOT
Trade safely friends!
<3 -CE-
Not to state the obvious here but we've just had a major breakout of our prior trend. Sure, we have not created a higher high yet but what I will say is we've broken a trendline that has been holding since late November.
Daily closed above the 50 day moving average and rammed right into the 100 day moving average. We're getting some resistance here but the moment we closed above the 50, we saw this huge candle to get us here.
How we react here will be a major tell but typically in a wedge we will get an overextension on the E but we can't pass the C. That would be basically around 4100 that should provide the most resistance.
One last note is the measurement (if you're a geometry buff) of the first impulse candle to the retrace has extended almost exactly 100% of the size of that candle (including wicks). That's something else you can clearly see in the charts.
Ok. One more thing. Fibonacci from the top (4241) to the bottom (3331) has got the 61.8 retrace at just shy of 3893 which is where we've also seen our rejection.
Lots of confluence here to look for a PIVOT
Trade safely friends!
<3 -CE-
