Market tested intermediate trend support multiple times. We have bullish divergence and a possible resistance break out from the down trend that started 6/18.
For this setup:
(1) Price must break out of trend line resistance
(2) RSI continues to diverge and find support, and breaks out of resistance
(3) Duration could be 2 to 3 days in length, potentially...
The bearish secondary, intermediate, trend appears to be coming to an end -- and the primary bullish trend appears ready to resume.
The primary bullish trend that started in 2009 retraced 0.78 and broke out of the upper channel resistance (ORANGE line). These are early signals that the primary bullish trend could possibly be ready to resume its upward move....