Anticipatory OverviewWe are sitting on a prior consolidation level (230-235).
These are the possible outcomes:
235 holds, we break up, inverse H&S resolves, target 280-290
235 breaks resulting in a meassured move down to 180
Last time market retested such a major consolidation level from above,
OBV was in a downtrend, thus price continued the downtrend.
Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a bullish resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large volume is required to create a convincing breakdown.
Check out the charts linked bellow for more details about my bullish bias here.
Cheers : ]
