That's what it looks like.
- Feb. 01 - Feb.02 on the Daily chart - bare minimum gap fill with Feb. 26 low. Bullish?
- Feb. 26 - Mar. 01 on the Hourly chart - complete gap fill today.
In our last update we indicated "A pullback to test the upper boundary of the 'Macro Megaphone' pattern should not
be unexpected and would likely create negative divergences on the Longer Term Monthly Momentum Measures with any
ensuing new highs developing after the pullback test."
Last Months low just hit the upper boundary of the Macro channel depicted on the Monthly chart. The Macro Megaphone
upper boundary has still not been tested as yet and it remains to be seen if it will be tested before new highs are
seen.
Daily Chart Projections:
Higher projection 1). 3910 - Met
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3868 now.
Monthly Chart Projection:
Higher Projection: 4909 - will negate on multiple consecutive Monthly closes below ~ 3658 now.
Cheers.
- Feb. 01 - Feb.02 on the Daily chart - bare minimum gap fill with Feb. 26 low. Bullish?
- Feb. 26 - Mar. 01 on the Hourly chart - complete gap fill today.
In our last update we indicated "A pullback to test the upper boundary of the 'Macro Megaphone' pattern should not
be unexpected and would likely create negative divergences on the Longer Term Monthly Momentum Measures with any
ensuing new highs developing after the pullback test."
Last Months low just hit the upper boundary of the Macro channel depicted on the Monthly chart. The Macro Megaphone
upper boundary has still not been tested as yet and it remains to be seen if it will be tested before new highs are
seen.
Daily Chart Projections:
Higher projection 1). 3910 - Met
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3868 now.
Monthly Chart Projection:
Higher Projection: 4909 - will negate on multiple consecutive Monthly closes below ~ 3658 now.
Cheers.
In order to count this as an impulsive move down getting underway, one would have to count this as a series on 1-2's on the Daily chart. As we now have had three of these series in a row, it is becoming increasing likely IMO that we are simply seeing a corrective pullback in a larger a-b-c pullback. Without an accelerating gap down developing here very shortly, one may want to keep their eyes on a possible long side entry point developimg here shortly.