⭐ Merited by figmentofmyass (1)
This high volume wicking might indicate temporary exhaustion. OBV looks super bullish though. I don't think bulls are done quite yet but there could be some consolidation in the cards:
Well, we certainly got some consolidation out of that.
I'm unsure about the internal count as yet and the price action is weaker than I'd hoped. Strongly bouncing off the 0.382 would have made a better case for my local count. My bias is still bullish, but further dipping below the January 7th range ($7,723 low) will throw this count into question:
If bulls can break up from here, there is a boatload of reasons why they might get rejected in that red zone above:
- 1.618 extension of (i) ~ $8,600
- Descending channel top ~ $8,650
- Daily/weekly pivots in the $8,700s and $8,800s
- 1.618 extension of the December rally ~ $8,900