New highs has been established. So here are where the time frames stands.. The weekly start has brought about a new high and also pierced the upper BB line at 2138.29. The monthly however has not touched the upper BB line at 2174.90 which is 30+ pts. away. We may never hit this, but the first clues to this would be if price is able to close the week below the weekly upper BB line as it did today. Not only will it signal a weak sentiment but also a reversal bar. Looking then to lower time-frame to also show its negative sentiment would be ideal. The weekly neg. divergence from the April highs to current is on the verge of disappearing, and if prices remains up with signals exceeding the divergent requirement, we can be assured that the bulls are still carrying on. This is of course what OB conditions look like and should be studied by the people who visit this blog and also to understand what this blog is all about.
SEN: Bullish
ST: UP
PA: UP
R: NA (Reset from early Jul. is dead on.)
There is no hokus pokus on this site. Only straight signal behavioural analysis. While I am aware of cycles and EW counts, this method still has the highest success rate, but of course human emotions if not controlled will always buck the trend.
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