Last week”s confirmed breakout required

Last week”s confirmed breakout required an eventual higher close. Wednesday fulfilled it. The breakout requires no higher close. That doesn”t mean the breakout has ended. And it does allow for another corrective dip.

The WedEX indicator was on-track for an actively bullish signal. But despite spending the entire afternoon”s bias environment above the morning”s highs, a late dip closed lower. The session was still positive on the day, probing fresh trend highs, so it is at least a passively bullish WedEX. Gapping up Thursday above Wednesday”s highs would serve by proxy to improve the signal to actively bullish.

In fact, firming overnight through 2104 would be credible for extending higher tomorrow without delay. Wednesday”s late dip was the product of a corrective Expanding Triangle, whose 2099.50 target was met, and held, and retested while 1-minute RSI diverged positively.

Otherwise, not resuming the rally Thursday would target Tuesday”s “lower prior highs” at 2088-2090. More details are available in the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/rkrrzjr