The as I have posted before is a CONTINUATION PATTERN. The is waving again here. The last time we had a meaningful pullback ( or last few) we punched all the way through a fib level ( denoted in color here) in one run, then had a blowoff ( long wick is a sing to get out on hourly 4 hr or daily) then we had sideways move and roughly a 300 sat pullback consolidation. Today I did not think anything different was going to happen. It was hard to sit out all day while price went up and Magic Poop did analysis BUT, patience is key in trading.
I think the pullback will land in the purple puddle, or it will just take off from here, who knows?
The is in a downtrend, not confirming the move up, and most of the usually stuff I talk about ( marked in purple)
I will post the same chart pulled out to a wider view so you can see direction clearer.
Remember this is not trade advice. I post patterns I like and try to learn from these later to see how it played out.
Bounce happened and now we broke out on a volume basis. We need to get through resistance at 1261 and 1312. There is a good chance we get caught here and go sideways and even channel between the two. this is all normal consolidation.
Notice the bounce off trendline and bounce off RSI. All circled in purple. We seem to have hit lower highs on RSI so I would look for that too on 4hr. It has been giving clearest signals to me.
Price target one 1592 price target two is 1899. I would personally not try for target two. I am mentioning this because of a lack of resistance up there and this move will want to keep on going if it moves.
None of this is a guarantee trade at your own risk this is not advice...
Below is the daily. Look at the cross in the moving averages which means we are in a BULL RALLY and the tendency will be to go HIGHER. Also look at the spread between the two moving averages is WIDENING upwards which is BULLISH> ( red arrows). ALL THAT BEING SAID WE ARE GOING SIDEWAYS FOR NOW AND BE FLEXIBLE WITH YOUR OPINIONS.