Have the Bears been biding their time, easing us into a Bull trap? We may soon see.
A bearish triangle is well formed on the 15M. Support rests at 172 and rising. Resistance is at 178 and falling. Something is brewing, but it could take the better half of the day.
What happens if we breakdown? Expect to revisit the low 160s, and begin to consider the scenario where the 1D chart finds its equilibrium on the regression line.
What happens if we breakout? I’d say a strong run to the low 200s is in order, before a momentary retracement.
Either way, today looks to be pretty boring — until it isn’t.
A bearish triangle is well formed on the 15M. Support rests at 172 and rising. Resistance is at 178 and falling. Something is brewing, but it could take the better half of the day.
What happens if we breakdown? Expect to revisit the low 160s, and begin to consider the scenario where the 1D chart finds its equilibrium on the regression line.
What happens if we breakout? I’d say a strong run to the low 200s is in order, before a momentary retracement.
Either way, today looks to be pretty boring — until it isn’t.