In yesterdays newsletter, I wrote: “I would like to see 4485-4450 hold and have us push to 4530”. This played out today - price dipped into the lower support of that range, rallied, and as of now we just hit 4530 target. Level-to-level. We remain in a chop regime thoufg, essentially an 80 point range between 4450 and 4530, but even this range is occurring within the a larger, coiling triangle (green on chart below) on forming since January. This means the regime is still chop, characterized by moves that start, have little follow through, reverse, trap, frustrate, then finally when bulls and bears are both sufficiently confused, it explodes.
I have been bullish (and remain so) but there is a concern I’m noticing. Here’s the plan