We broke out of the downtrend from the Jan 2nd climb on Thursday, Jan 4 for a nice day of trading. Post rise, an Initial ascending triangle formed, and a selloff dropped prices to the 240 range. It appears as though an ascending pennant has been formed, so short term trade opportunities exist with buy levels in the 242-244 range and sell levels around 250-253 exist along the pennant walls. Keep a close watch during the sell wall period at the 250 level.
Commento:
Edit...FYI, the horizontal pink lines represent support levels during the Jan 2nd Elliott wave run.