Ok, so where are we on the weekly chart now?
- 1. We had a lower low than the previous low
- 2. We had a lower high than the previous high.
- 3. Here there was a higher low. If this had been another lower low then that would have been very bearish indeed.
- 4. There was a higher high to follow the higher low. Again this was bullish and I certainly did not expect this but there it is.
- 5. What we see to have now is possibly another higher low.
I personally think that this current low support will fail in the week ahead and that will potentially form a lower low. We can not guess however, we have to wait and see. If we get a weekly close below the 15 MA then that could be very telling. On the other hand, we get a rally from here into May, that is when things might get very interesting on the bearish side. Lets see how it unfolds.
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