This could create a pennant/wedge that points up or down. if it wedges up then we might lose this support. if it wedges down then maybe we have a chance since it would indicate that the levels below us are supporting nicely which would mean that there will be more momentum going up.
We've seen situations where it wedges up and it PUMPS or the classic break & retrace. I'd be more bullish on a downward wedge but, it LOOKS like we're gonna retrace a bit. Anything could happen and the market will do what it does. This is just one perspective of MANY possible outcomes. My level for entry is 6430~ but, ladder your stops and be sure to choose proper...
i dont know how to put them side by side in scale but, it looks pretty similar and i can see how some people expect 4k but, it depends on whether we're still in denial or have already hit capitulation
