| 416 then 426 on a daily basis. 414'6 would need to be exceeded and hold on a daily basis. Risk for any long would be at 395 on a weekly close, where as risk on any short would be would be 437 on a weekly close. The market closed up above its breakout point so you can expect a push higher on Monday. The daily came down and did a perfect test of the downtrend line, which is what you want to see for a move higher. The weekly has a possible reaction high, it has yet to test the last downtrend line it has been stuck to for so long after lifting off of it...it may not come back and test it, but odds are in favor of a test...especially for a change in trend.
Timing wise you have a turn on the daily on Tues. There are 4 directional changes from the 16th to the 19th suggesting chop. |