Consolidation before breakout?
Updated
We've seen this set up on different scales, but the pattern is the same and the volume gives it away. We've been consolidating in this trading range for almost a week, making higher lows, with declining volume. Bears just haven't been able to change the trend.
We seem to be closing in on a big move, the TTM oscilator is showing low volatility and we are resting on that 9200 support as of the time I'm writing this. The weekly candle closed yesterday, and the monthly candle closes in less than 24 hours. All bullish signs in my opinion. Scaling in a small long. No target at the moment, but I expect us to break the high with heavy volume when we do get out of this range.
We seem to be closing in on a big move, the TTM oscilator is showing low volatility and we are resting on that 9200 support as of the time I'm writing this. The weekly candle closed yesterday, and the monthly candle closes in less than 24 hours. All bullish signs in my opinion. Scaling in a small long. No target at the moment, but I expect us to break the high with heavy volume when we do get out of this range.
Note
Oh yeah, someone pointed out this sym triangle, big move within the next 12 hours I'm guessing as it is closing in soon. Note
Looks like we dumped a little last night, but are still closing above the median of the trading range. Still waiting on a move in or out of the sym triangle I posted above. There's also a pitchfork I drew that shows the trend a lot more clear. I combined all of these tools together and so far this is what I am waiting for: Note
A break down to 9k would violate the trend we have been in since the beginning of April. At that point I would have to start looking towards deeper retracement targets. Although we have had a great run up until this point, I really wouldn't be surprised if we start to enter the 4h cloud to begin a deeper correction. Due to the risk involved in taking a position here, I will let the market makers finish the picture they are painting. Remaining flat for now. These next 2-3 four hour candles should show us the way.
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