We ended up breaking into the 460s but It looks like the juice is starting to run out for the bulls. They may drag this on for a while still but the weekly is showing the pattern fairly clean when you look at where we closed. I feel April will continue its bearish trend down to 420s and that is where I have my PUTs targeting for 4/29.
I am not adding much fluff to the chart because I feel like this looks clean enough just looking at the candles. The stems are longer towards the upside (which means a lot of buyers got burned) and the stems trend downward. We may push upward again but I don't see us breaking into 460, I see us maybe breaking into 453-454 (This would be the production of a stem similar to these last 2 weeks) But I do feel we will end the week around 440.
If the pattern becomes obvious the market could always capitulate early and we could drop to low 430s. I wouldn't mind it but bulls have been stubborn so I wouldn't get my hopes up.
This is just my artwork.
I am not adding much fluff to the chart because I feel like this looks clean enough just looking at the candles. The stems are longer towards the upside (which means a lot of buyers got burned) and the stems trend downward. We may push upward again but I don't see us breaking into 460, I see us maybe breaking into 453-454 (This would be the production of a stem similar to these last 2 weeks) But I do feel we will end the week around 440.
If the pattern becomes obvious the market could always capitulate early and we could drop to low 430s. I wouldn't mind it but bulls have been stubborn so I wouldn't get my hopes up.
This is just my artwork.
