Channel break
Updated
Breakout of corrective channel now printed.
Momentum a bit overbought, may see a pullback but a healthy test of orange channel low, blue channel high (breakout point) would be good to (a) shake out weak hands who rushed to buy the breakout (b) establish a foundation for the next leg up.
Key upside levels to watch are 1,000 and 1150. Both logical (BRN = Big Round Numbers) and technical/price-action worthy price points.
Break back into the corrective structure could signal more selling to come, but for now it looks like a med-term base is in.
Momentum a bit overbought, may see a pullback but a healthy test of orange channel low, blue channel high (breakout point) would be good to (a) shake out weak hands who rushed to buy the breakout (b) establish a foundation for the next leg up.
Key upside levels to watch are 1,000 and 1150. Both logical (BRN = Big Round Numbers) and technical/price-action worthy price points.
Break back into the corrective structure could signal more selling to come, but for now it looks like a med-term base is in.
Note
Waiting for a gentle, corrective pullback to the top of the primary channel. May catch a bid around 800 (another B.R.N = Big Round Number). Regardless, near-term bias is to the upside as selling pressure has subsided for now. With the market a bit stretched off the near-capitulation lows, a pullback would be welcomed.
Note
Retest of primary channel breakout printed. Bulls need to breach 850.Note
Range-bound overnight, but looking like the breach of 850 is imminent.
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