That's what I see, 5 min is bullish, but R2 normally would provide a solid point where price would at least retrace, when? ImE it's a 50/50, sometimes upon kiss, other times price action goes through a build up stage seen in declining histogram and consecutive failure swings. Right now I think they would try and push higher towards 7900, I would watch 1 min histogram for potential weakness, but if volume remains thin, is it? I don't follow volume, then maybe they will carry on squeezing all the way, hell knows, just trade what you see ImHO and keep 'em stops smallish, I wouldn't personally start reducing size and increasing stops today, mind you I did just that a little while back
mmm if we all thinking 7900 either it smashes through and we all get rogered..or it dicks around here for a while, gets every long then melts... i see it melting..nothing out there apart form2, 3 sessions of weakness... so do we counter that or do we continue in that frame of mind... either way rate cut rhetoric is forever present so in theory these funds should be gearing for a nice rally...but when will it come, the million dollar question...
I don't know but we did get 7900 rejection and 10 minute chart's histogram showed further weakness, but I am not trading at the moment.