Yesterday's price action didn't violate the tight trend channel. Market closed above the 1270.75 pivot, which sugests testing the next pivot and Gann angle 1287.25. Most likely the price will hit 1304 later this month. According to this count we are in the middle of Minor wave 3 of Intermediate wave 5 of Major wave 1. Breaking 1254 will negate the Minor count.
Long term (daily) conditions still look steady and bullish despite the slightly overgought indicators. Bullish action remains on track. Reaching 1304-1315 pivot area will probably produse more violent decline. Until then we stay bullish.
Good luck trading !
No comments:
Post a Comment