Friday's bearish-engulfing candle turned out to be a bogey and the channel support proved to be the point from where witnessed not only a bounce but also a channel break-out on the upside. And it happened despite the absence of positive divergence on the Hour charts.
Yesterday's Daily Chart:
.png)
Today's Update:
.png)
Yesterday's Hour Chart:
.png)
Today's Update:
.png)
And this breakout has announced the end of retracement for the 5w Impulse 5864-6042 at 5940.
Now, how to label this fresh upmove from 5940?
One way is illustrated below and it envisages a move maximum upto 6080 and minimum 6042+:
.png)
5978 and 5995 can be chosen as trailing stop-losses for longs.
Yesterday's Daily Chart:
.png)
.png)
Yesterday's Hour Chart:
.png)
Today's Update:
.png)
And this breakout has announced the end of retracement for the 5w Impulse 5864-6042 at 5940.
Now, how to label this fresh upmove from 5940?
One way is illustrated below and it envisages a move maximum upto 6080 and minimum 6042+:
.png)
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