The pattern shown speaks with such authority that we should be wary of putting its 18.62 target entirely out of mind. What makes it so compelling is the un-sausagey point B, which by definition exceeded the key external low at 26.950. Concerning a reprieve, I’d view an impulsive upthrust exceeding 24.900, an April 15 peak ‘along the wall’ as speculative evidence that bulls are capable of turning the tide. Traders will find ‘external’ peaks galore for camouflage entries on the hourly chart, but at the moment, this chart shows only a tedious stalemate between bulls and bears.
