THE bias was long. We had two LB test (actually LBBO-5) and 1 SB. B1 set a range we were discussing, and there was a favorable close to B2. But B3 presented a problem, so to speak. Indecision. Where was the selling follow through? We had an established TL on top and now we were seeing a lower TL develop. Signals at B3-4 sealed the deal. This was 1 of 3 very important TL's working with the BOT Range and the BO's.
By B6 we see a 50CB develop that had a challenge that failed early on at B13. This was TL #3 for the important TL's. PA stalled at the BO-10 level and broke the 50CB TL in a PB to the BO-5 level only to find buyers at TL #2 and a buy signal. Case closed. Bulls ran and dumped on late arrivals. Once the carnage was over, bulls again resumed their upward bias.
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