Volatility hell broke loose yesterday evening with prices making wild swings. The pitchfork setup from the previous update proved valid as it signaled an 80-bucks sell-off. Still, the main bullish trend remains intact as seen in this daily chart:
The market is trending in Wave 3 -- usually the strongest wave in the cycle. My view is that the price could make a new high before completing Wave 3. Pay attention to this Pitchfork, which is our main channel for the Daily chart.
The intraday chart contains detailed short-term price levels and waves.
The intraday chart contains detailed short-term price levels and waves.
The bad thing for buyers would be a 15-min candle close below $1533 (within the pitchfork channel).