An inverse head and shoulder pattern has formed, the short term trend is being rejected on lower time frames, we can see from the price action of the 4 hour timeframe that we can see a huge wick. All of these suggest to us that we are gain to see a huge move to the upside
- VERY LIQUID BULL BIASED MARKET - the stop losses of amateur traders would be triggered and the buy stops of the good traders would be triggered so the market will experiences 2 huge boosts from both the Bears' stop losses and the
Bulls entering the market
- The market has been respecting this level that has turned support and resistance many times since...