xjo weekend zoomba lounge, page-35

What is going on here with the US market? This chart is 15 min per bar and shows the fall from the high to the prior counter trend which formed the bear flag off the 1292 level a few weeks back. The low formed a nice "V" shape bottom and then the big up day followed by the reversal day Thursday. The index opened up down (as would be expected with Thursday's swing day) and found support at 1/3 of the move up which was also about 61.8% of the prior range. Support there held this move up in good shape for further advance and yes that is what happened and it formed a pennant earlier today which broke to the up-side and is now consolidating above 78.6 of the prior range down which is also bullish. So far, support here is coming in at a high level and no reason yet to jump ship (although I have jumped ship and reboarded a few times but that is my problem/risk)...

The low now seems solid and I doubt it will break until at least late next week at the earliest.