After a heavy pullback today, we're looking at some consolidation. We saw a higher low which is playing out to a likely lower high. Short 5-minute chart conditions were oversold again, so we are seeing the bounce pressure.
I acutally expect this to probably play out like what we had typically seen in the past, with a rally, consolidation and sideways trading, to a dump, consolidation and sideways trading and then another spike rally.
Patterns tell us that the direction of the move after some consolidation will be bearish. Well, we will have to watch very closely. But, I can definitely see the typical pattern playing out and we could definitely be in for a rally if bulls maintain sideways trading longer than a consolidation wedge. That move could take a few days to play out fully.
I'll be keeping an eye on everything, but for now, it's pretty unlikely we will see any sort of major move through tomorrow.
Hope you all have a great Friday ahead and weekend as well!
