Impressed with yesterday’s $37 surge? You shouldn’t be, at least not if you’re counting ‘external’ peaks that were exceeded on the daily chart. The total was zero, making the rally a non-event so far, technically speaking. As I noted in the chat room, it will take an unpaused thrust exceeding 1755.00 to create a bullish impulse leg on daily-chart degree. That doesn’t mean we should disdain the rally, only that we should keep some skepticism in reserve until buyers do what we need them to do in order to persuade us they’re not going to fade in the stretch.
In the meantime, I’d suggest monitoring the hourly chart to assess buyers’ enthusiasm. The pattern shown had not triggered a ‘buy’ signal when we went to press, but if and when it does, price action at ‘p’ will be crucial to our outlook for the near- to intermediate-term.