Weekly chart remains unchanged from what I've been looking at. But the bounce from 7.8k, potential breakout of a potential falling wedge, somewhat confirm a bullish outlook for now.
In cyan, I've drawn the significant portions of the TD 9 buy setup on the weekly. The only other time this happened was in 2014, and the week following was very red and the buy countdown afterwards was a much better buy location. However, after this buy setup, we had what's looking to be two green weeks. So maybe this time IS different. A break above the TDST resistance created on that setup at 8.8k would be a great sign. Personally I'll be closing my long before that and possibly hedging; I wouldn't expect us to just blow through there. That TDST resistance also lines up with a low volume node, though less significant than the 7.8k one.
Other bullish signs are the bullish divergence on the weekly chart in a series of volume based indicators. They all do slightly different things - OBV is pure volume, Accum/Dist weights volume based on price action (where close was in relation to high/low), and MFI does a RSI type calculation using Accum/Dist. So they're all similar; the divergence being on all of them is still a potentially bullish sign - bull divs on the weekly do not happen often.
In cyan, I've drawn the significant portions of the TD 9 buy setup on the weekly. The only other time this happened was in 2014, and the week following was very red and the buy countdown afterwards was a much better buy location. However, after this buy setup, we had what's looking to be two green weeks. So maybe this time IS different. A break above the TDST resistance created on that setup at 8.8k would be a great sign. Personally I'll be closing my long before that and possibly hedging; I wouldn't expect us to just blow through there. That TDST resistance also lines up with a low volume node, though less significant than the 7.8k one.
Other bullish signs are the bullish divergence on the weekly chart in a series of volume based indicators. They all do slightly different things - OBV is pure volume, Accum/Dist weights volume based on price action (where close was in relation to high/low), and MFI does a RSI type calculation using Accum/Dist. So they're all similar; the divergence being on all of them is still a potentially bullish sign - bull divs on the weekly do not happen often.