- The weekly candlestick closed in its upper half with a long tail below.
- The market formed a parabolic wedge (3 pushes - 28 Feb, 7 Mar, and 13 Mar). That increases the odds of a minor pullback.
- The bulls want the market to form a 2 legged sideways to up pullback.
- They need to create credible buying pressure - consecutive bull bars closing near their highs.
- Until they can do that, traders may not want to buy aggressively.
- The bears see any pullback as minor. They expect at least a small second leg sideways to down to retest the Mar 13 low.
- The 9-bar bear microchannel on the daily chart and the 4-bar bear microchannel on the weekly chart increases the odds of sellers above the first pullback.
- For now, because of the climactic selloff and parabolic wedge, the market may try to form a minor pullback.
- Traders will see the strength of the buying pressure. If it is strong, they may look for a retest of the breakout point - Jan 13 low.
- If the pullback lacks follow-through buying, the odds of another leg down increases and traders will sell the pullback.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.