Very promising so far. Note that we’re nosing above the primary down trend line (green). If we can clear the 2/2 high (the orange line noted), I would expect some kind of short covering rally.
Don’t immediately assume that my local counts mean much just yet. I’ve stuck the purple and red labels on here for use later, but am very uncertain about what this structure will end up looking like. We may run up a bit, then try to back test the green trend line (as I placed the labels in this post) but it may also run away from us, denying many people an ideal entry. The main thing I have confidence in for the moment is a general move to 4900 (which is the target for the inverse I pointed out here). Precisely how we get from here to there will be difficult to anticipate along the way.
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