In the previous idea we defined the breakout from the wedge as a trigger for going long. It worked out nicely pulling the price from 71xx to 7560:
Now that the price reached the channel resistance, we wonder if the bottom was indeed formed. To confirm this I would like to see the break of the channel (7670 area). This setup is very similar to early April days. The price surge is identical, and the break of the trendline resistance confirmed the bull at that time.
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Intraday wave count and price levels:
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Following the count so far:
Bullish count in doubt below 7200.
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No longs before the channels are broken:
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To those asking about my channels: these are not basic price channels. When I expect market to go up, I go long when a channel is broken. Just like yesterday night:
