If this was a daily chart, it would be a bear market. It’s not. It’s just 2 hour bars. And last week’s triangle breakout looks like a bottom. The current pullback would be a test of the low, and it appears to have reversed in the last hour, as of 6 AM New York Times.
Switch to the hourly bars, and this does look like a 5 day cycle low starting to form here. But at the same time, there are still several downtrend channels still in force. The test of whether the hourly chart bear market is complete will come when the current pop tests 4365, 75, and 85, if it gets to those levels. Clearing 4385 would suggest that a good short term bottom is in place. A rollover below that would suggest that the 10 day trading range is a consolidation in a downtrend.
This is just the intraday look. For more: Head and Shoulders Above
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This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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