As taught in the Andrews course we can anticipate a new pivot forming at the blue median line. Already showing signs of rejection with the sellers winning the battle at the high.
If price can break the support line then I plan on taking a short if price retraces to test the break.
Current high also looks nice on a channel in the daily view.
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Nice little spike to trigger my order with sellers dumping right away.
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Stop pulled behind that last spike up. Risk reduced by 0.3%.
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Trade closed manually for +5 points. The reason for this is because price has failed to break lower, is making higher lows and even taking out minor swing highs.
Andrews teaches on his median line course that if price fails to reach the ML (the red ML in this case) then you can expect price to move further away in the opposite direction than the distance it moved towards the ML.
The criteria Andrews teaches for confirming a failure to reach the median line have not yet been met, however the way price has crossed the UMLH (upper median line parallel - top red fork line) and come back to test the back side of it suggests to me a median line failure is likely.
Will be watching for an opportunity to go long this market now.