From yesterdays blog: Quick review: Monday expansion, followed by range bound, another expansion, and another range bound today. Missing? A corrective PB or profit sell off.
Market rose in overnight trading and hit a resistance at the upper range. A slow drag out retreat to the lower range ( a range run short) in a bear channel.
Bulls tried to run, only to stall just above the mid range and a 50CB from the spike bar in the pre open. A break of the 50CB is a reversal, a failure is trend continuation. PA contracted and another bear channel developed inside the first. BO-5 and BO-10 hit.
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