We can say that today, we got a breakout and confirmation of an uptrend.
On Wednesday we saw a nice rally, on Thursday, the indecision candle worked as a pause and today we broke the downtrend.
It was crucial that we got above the downtrend line today to keep the correction recovery on the way. If we didn’t break out today, we would be doomed for more selling.
However, we have a very strong resistance at 2800 – 2820 level which we need to break in order to continue higher. If we don’t this market could end up in a range bound trading bouncing off of 2820 back down to 2630 lows.
All now depends on G20 weekend if more buyers full of optimism over the Trump’s trade war and tariffs will be willing to step in on Monday and start frantically buying back everything what they have been selling for last couple of months. Time will show.
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