From last time we had a drop as predicted but the 3900 range has held support. in this we are looking at the solid red line as 20 week ma that should act as strong resistance. Not pictured is the MA ribbons acting as good support into 3850 with previous price action providing good support to around 3780 or so. So far we have maintained a good bear flag and so I predict we will get another drop that will fail and bounce.
I think then market will have to decide if bulls still have any strength to break the 20 weekly, which I have doubts but lets not worry until we get there.
I think then market will have to decide if bulls still have any strength to break the 20 weekly, which I have doubts but lets not worry until we get there.
Nota
The bulls showed up with BIG buy orders and shoved their way through, pushed it above the 20 weekly even. So shorts are clearly in danger now, we may retest 4050 again.I think this move breaks the idea that it was a rising wedge and was a zone instead.
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