A Repeat of History
Updated
So the market has made this move a couple times before and when it did, it rallied. An entry within or near the top of the blue box where the current price is situated would be ideal while risking just below the blue box. Exit would be ideally at 390 + or - some.
Note
a little update based on the action that has been seen so far ever since cpi data was released. there has been many squeezes and stop loss hunting happening to the market during the day and after hours as well. its behaving very unusual and sort of penny stock-esque. if it is manipulation, keep in mind that it can alter the current trade outlook and make it slightly different from the previous ones.
im assuming with more eyes are on the market right now since its at a pivotal point on a longer term outlook, its causing this behavior. i would probably reduce my position a bit and capitalize on any gains that was had since it touched the bounce area.
Trade closed: target reached
Target was reached earlier this morning. for those that want to bet on a continuation upwards, find yourself a stoploss you're comfortable with for a ride back up to the grey box on top. breaching that would mean a shift in sentiment from the past year into a bullish outlook with some support to it.but as of now, i would play on the short side at this current blue box while risking the top of it for a move down, taking profit on the way down.
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