You were expecting a breakdown to $6,500 last week right? Interesting to see the abrupt change of heart.

The bottom EMA ribbon support looks nice, but we don't have too much historic data to go on besides that one wick down in August 2016. I agree with the second point. We've already seen a huge 45% correction and it's hard to expect much more if we are in a bull market. Based on the monthly/yearly candles, I think we are.

Hidden divergences are always tricky. They usually produce something but sometimes it's a dead cat bounce rather than a reversal. All in all I'm cautiously bullish but I don't think the door has completely closed on a final shakeout.