We’re keeping a close eye on the rally begun from April 24’s one-off low, since it has the potential to lay down some clear signposts. One of them, labeled on the chart, is the still undetermined ‘x’ entry point. There, you might be able to catch a ride safely by zooming down to the 5-minute chart if and when the tripwire is approached. This pattern may also give us a chance to observe buyers’ interaction with a ‘p’ midpoint where hesitation would be telling.
