Just above 230 (last Friday's high) seems to be a level where 50% of the weekly, monthly and quarterly bars will be retraced, after the respective bearish range expansion on each timeframe earlier. This week seems offer an opportunity to trap everyone who has been bearish on Small Caps and open the road to the all-time highs. Failure to follow through above 230 will reverse this bullish call though.
Trade active
Lots of whitespace above 230.N.B.:
Outperforming
SPY while not required, would make my case even stronger.Being mindful of the broadening formations and taking it bar by bar.
Order cancelled
A sharp rejection/reversal at this critical point is not bullish
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.