Big green circles illustrate what I’m talking about:
Yesterday’s dip near the close actually printed a higher low … only by a few cents, so it sounds trivial, but bear with me
Note the 7/7 lower low compared with the next day 7/8 where testing the low was a success and printed a higher low but only by a few cents. That was followed by another back-test and a HL on 7/10. From there on up it was higher lows all the way until the break at the top.
I’m NOT suggesting that this leg will be the same. I’m just suggesting that yesterday’s HL at 206.31 matters. I’m also suggesting that a back-test would not be a surprise…
Right now we’re in the middle of a squeeze.
Once the bears exhaust their covering we’ll see if the longs have enough punch to carry the weight all by themselves.