My opinion, if you objectively examine the charts, I don't see how you can be an "All In Bear" or an "All In Bull" regarding long-term projections.
The RED Line is a key resistance. Even testing it is bullish the long term even if it holds.
1M:
On 1M...Candles long shadows (pinbar) demonstrating strong bullish bounce off the key support each time it has held. Technically, we have had LH & LL since 5/2015. However, the repeated price action at the 182-181 support makes it difficult to count on continued LLs without clear confirmation.
A case can be made for both a Bear and Bull bias. It was more difficult to make a case for a Bull bias a few months ago and now it is getting increasingly more difficult to be a all in Bear.
My stance...I'm still expecting a ranging market. A break above $214 or below $180 would force me to re-evaluate my bias.
The RED Line is a key resistance. Even testing it is bullish the long term even if it holds.
1M:
On 1M...Candles long shadows (pinbar) demonstrating strong bullish bounce off the key support each time it has held. Technically, we have had LH & LL since 5/2015. However, the repeated price action at the 182-181 support makes it difficult to count on continued LLs without clear confirmation.
A case can be made for both a Bear and Bull bias. It was more difficult to make a case for a Bull bias a few months ago and now it is getting increasingly more difficult to be a all in Bear.
My stance...I'm still expecting a ranging market. A break above $214 or below $180 would force me to re-evaluate my bias.
