Another gap and a push higher into the long term 'resistance' line at 2392.
The strength of this week's move has taken the T volume oscillator up through a long cash-build up line – at least back to the previous all time high – and so we can draw a new large T structure from the most recent low on April 13. Initial strength projects the first arm this week and projects further strength into mid and late May.
The amalgamation T structure centred inbetween the 2 lows also projects initial highs for yesterday and further strength into May. The prescence of the 2 oscillator lows prior to the price lows may have some further influence, but had been 'warning' of the bullish nature of the market throughout the recent correction.
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