We always look at the shorter charts for more details. Here, the 5-minute chart is pictured. One strange thing that's kinda unfortunate is the lack of consistent volumes spread across the chart. Instead, we see a few lone volume bars. Everything else is basically gone.
In chart trading, this is a huge red flag. We were looking for a bit more consistent bull follow through. Seeing only two quick spikes is not the best sign we're looking for in terms of follow through and a strong move.
Since this is highly suspect, I don't have too much extra faith in the market right now. I don't see this as being a trend reversing pattern and I have a high level of caution. I am still thinking there will be some bull action on the horizon due to the crazy oversold conditions lately, but I do still want to see that bull volume come in.
