Looking for bullish continuation to market structure. Bears are getting set up for a trap. Sentiment data shows 58% of traders are currently Long while 42% are short. We like to take a contrarian view. However, with market structure shaping up, we can expect price to complete it's bullish impulse leg to the upside target setting up a nice reversal for a bearish move to the downside.
Comment:
%58 traders are long. Therefore SL are being collected with temporary bearishness. Once Longs are shaken out, we may anticipate a move higher after collecting.