After the run up, a bear market took hold and played itself out through a powerful Ascending Triangle . It was sold down using that algorithm where it finally broke out to the downside. This is where it found support in Dec 2018. The bears ran out of supply and the selling weakened. Accumulation began which manifested into an Ascending Triangle with multi-week Higher Low candles. The breakout to the upside from the Ascending Triangle occurred on April 1st 2019. There is now a Channel Up continuation pattern unfolding.
I have included a snapshot of Commitment Of Traders chart. This gives you a sense of which sector is long and short futures.
I have included a snapshot of Commitment Of Traders chart. This gives you a sense of which sector is long and short futures.
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If we zoom in on the current Channel UP...Note
The first paragraph references the Descending Triangle, sorry for the error.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.