December 7th Chart and Trade Plan
Big day today for bulls & my hunch in yesterdays update was correct: The RSI had too much stored energy for a selloff at 4570 and we are as of writing en route to that 4630 target zone discussed yesterday in some excellent follow through. Note this is also a follow through on that “fake breakdown” setup I discussed in Friday nights post and demonstrates the power of this setup. Here is what I’m looking for next, as well as an important technical resistance coming up - the white channel backtest (Chart and analysis below)