The weekly chart (shown above) formed an 'inside' price bar last week as the market continues to hesitate after completing a sequential 13 and a possible five wave impulse pattern from the July low. However, until we see a price flip I can't label this chart as bearish. This week a close on Friday under 1329.15 (horizontal purple line) is required in order to get that flip.
On the other hand, any rally this week that prints above 1355.43 (the horizontal blue line labeled 100%) would put the sequential 13 on hold. In fact, there is evidence from my price pulse timing model that a move to new highs is likely.
Bottom Line: The weekly chart remains in a bullish position.
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