Updated

If the weekly 21ema can hold support we should break bullishly

Just need the weekly 21 ema to continue to hold support here and we can break bullishly up from this rising bull pennant here..if the weekly 21 ema continues at the current trajectory then the breakout point should be somewhere near where i posted the yellow dotted breakout target line....this should help lift us to 111k. Of course there is a chance that instead we would break the support of the 21 weekly ema...in which case we could break down..if this were the case and we flipped the 21 weekly ema to solidified support it's pretty much a given we would probably be entering at least a 3 month mini bear market before being able to climb back above it again. Currently however probability favors the 21 weekly ema to hold support as we can see the weekly stoch rsi has plenty of room to move up. We must still be cautious however considering the flag of this bull pennant is also a rising wedge which has a natural proclivity to break down....although during a parabolic bull run they tend to break upward far more often so this could easily be another rising wedge that breaks up if we are only halfway through this bull market. As always I will await a confirmed breakout either way

Note

Weekly 21 ema did not hold support. Bearish rising wedge pattern coupled with bearish divergence and an overextended bullish impulse led to a correction.

DrDovetail

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DrDovetail