Channels, price/volume action, s/r areas indicate we are ready to take another charge at the ~300 supply area. This Time Is Different™ because the medium term and long term fractals may be aligned as bullish. Of course there was a strong selling reaction last time we hit 300. Lots of history there plus it is a psychological level. What happens next is what's...
30m bear divs, coming up on resistance area. Possible test down before upwards BO of 255. Looking for another leg down to find support around 235-240, then long.
I'm new to EW but this is how I see it currently.
RSI divergence... Large volume coming in at 275... Fibbs holding at .618 due to lack of sell pressure... If it continues to hold, we may finally get our breakout.
If I wasn't already long, I'd be long here!
Long term holder, but this is my view on the near term.
We had a hard bounce on climax volume signifying a possible turning point. Now looking for S/R areas to hold as we climb and retrace towards the right trendline and near-term resistance.