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Wave count says we are heading down for a bit lower to complete a five wave set. Then assuming better war news next week and good earnings a nice ABC up. The market will tell us if this is right.
We can see bulls were rejected several times at the resistance (blue line). If they can try again, then breakout would be more likely as the more test the less likely the resistance would hold.
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Looking at the 3x chart (6,000 ticks) today's text book continues. Fourth touch of the opening range high moved on up for a breakout, but it stopped at the overnight high which was also the 3 sigma deviation of VWAP, a level that is usually only touched once or twice a day, if at all. According to the experts that is.
Now testing the yesterday's high. I think this bull shall have legs.
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Fearful market going into the weekend. the oversold conditions are working out its pressure. next week, will tell, I am leaning bearish until this fearful condition subsided. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Dropped down to VWAP, gave us a bounce, then on down on it's way to doji land for the daily bar.
If the close is neutral maybe they will try anther launch on Monday. But right now the 401 K crowd will not like what they see when they look at their accounts this weekend.
The rebound so far looks like a bear flag so probably still another leg down.
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