To the technical analyst, a lot of geometries are begging for attention, be it known or occult patterns. However, 4xQuad's predictive analysis is churning out a primary target, TG-1, defined at 4023.
While the market remains bullish it should still become evident to the technician that, which ever perceived dominant channel stirs price, this chart has reached significant taut bullish levels that demand some unwinding at this point.
Of interest here is the incidental crossing of two channels at market's close, where price markets the 3572 level. This alone might impose some significant resistance against further gains - Worth following.
Based on the geometries and recent attainment relative to the channels, our directional bias is guardedly bullish, on the basis of our prop trading-generated target, where TG-1 = 4023.
As usual, this is all educational, so "do the due" diligence, as any good trader should - And, of course: our kind disclaimer, here: on.fb.me/1bhMjSp .
Cheers,
David Alcindor | 4xQuad.com
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