Bears - every moment that passes with the market not getting flushed off the downtrend zone the more likely this is to come true.
Bulls - you have this thing as primary wave 4 bottom is in. Held the pivot AVWAP from previous wave 4. Now we are in an impulsive rally up to finish off a higher degree wave 1. Bulls you need to get this thing above that downtrend resistance ( good news is you already broke the ATH AVWAP). Above the downtrend, survive the backtest, and likely we are going back to ATHs
Be mindful everyone that last September the market regained a lot of ground but then there was another major flush just short of ATHs, that flush gave a golden wave 2 dip buy because it never broke the previous bottom. If this scenario plays out we will see a major flush off of the 450 zone (this isnt depicted just bringing to light)
Bulls - you have this thing as primary wave 4 bottom is in. Held the pivot AVWAP from previous wave 4. Now we are in an impulsive rally up to finish off a higher degree wave 1. Bulls you need to get this thing above that downtrend resistance ( good news is you already broke the ATH AVWAP). Above the downtrend, survive the backtest, and likely we are going back to ATHs
Be mindful everyone that last September the market regained a lot of ground but then there was another major flush just short of ATHs, that flush gave a golden wave 2 dip buy because it never broke the previous bottom. If this scenario plays out we will see a major flush off of the 450 zone (this isnt depicted just bringing to light)