Although we had a really nice reaction to our initial long at 4116 and price surged to 80s area, there are couple things which concern me. First of all volume. Notice that the volume on each up day lately was significantly lower than on down days. Second thing is we have probably too many longs participating in that last move up.
Having said that, profile pattern is still bullish with key support level in 30s. I also included SL level which if breached would suggest that the pattern is invalid.
Momo Trend: long (but already third m2 attempt to +400 and red momo dots active).
MomoDot: red dot – perfect setup with all conditions met at the same time.
HF/Master perspective: master index still shows short while hfpi made some room for even more bullish pressure.
*Current day analysis is available for premium subscribers. Free members can view historical blog posts.
