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From the 2 hour bar perspective, Friday’s breakdown completed a helluva top pattern. Now, at 5:30 AM NY time, they’re fighting their way back. Here’s the 2 hour bar look.
They’re attacking resistance at 4489. If they get through that, the next target would be the resistance line at 4489. If they roll over instead, I think we’d be looking at 4450.
Here’s the hourly bars. 5 day cycle up phase seems to be starting. Doesn’t rule out a test of the low or a minor new low, but odds favor some sideways or upward slop chop, rather than an extended breakdown in the short run.
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