TODAY was a bullish day, laced with consolidations, PB's, and wedges. Also, trapping PA with overlapping bars. Did we mention sluggish at times? It was a range run LB BO to the BO-5 that took most of the day to fill the gap between the level and PA.
[07:37] <@Chartmaster> narrow range today and slight difference from y-day 55.75-54-52.5
We started with the ranges, and had a nice push just before pre-open news. B265 removed all stops for the bulls, was a range run candle finally closing at the LB. It controlled (for the most action) the trading range until the open, and the eventual BO at B25.
1457.5 was a resistance that finally sold off into the open. B1 was another valid short as it pierced the LB and the 20EMA. B2 showed some continuation, but B3 gaped higher, and is a variation of a reversal play. First bar down next bar gaps down (body) then third bar gaps up. It was spotted quickly and an alert was issued.
[09:41] <CM> b3 1st pb at mb
[09:43] <CM> bar prior to b1 is a 50cb with the lb at the 50cb
[10:01] <CM> b6 1st pb from ema ie end of leg 1 likely
B6 stalled but did not finish down as expected, but B7 definitely killed the first leg. PA would run higher and fall back to the bullish TL from the FBO in the pre-open creating the second lows at the Middle BOT. A wedge into B2 and a wedge into B15. B16 established a new bull TL from the 50CB level and buyers finally got interested at the LB.
Another wedge going into the B44 area was followed by a new bull TL and the bottom of, yep, another wedge. Pa was holding at the TL and staying close to the EMA. B60 finally broke the upper TL, we had a PB to the 58.5 support then completed the run to the BO-5 filling the gap.
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