We think the representation to be unimpeachable, until we throw all our preconceived impressions on one side, and seek the truth by independent observations from Nature herself.
– Eadweard Muybridge
A profit-taking day and a short term peak and another touch of that rising line from the low, still in-line with the suggested 'possible New Large T structure' which is still only a possibility as the T volume oscillator backs off from its recent high and the Osc oscillator remains neutral.
Still holding up above the Buy Signal line for now, but the Osc oscillator is hinting at the potential for a decline or choppy grind sideways, and we may need to see some more probes to the downside before the next strong move upwards.
So long as the market doesn't make a cover signal then a grind to higher prices is still likely, but if it does make a cover signal we will look for a new low to occur and form a new structure which may still support the current possible projection.
Be prepared for whatever comes next:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.