– The bulls got a bull breakout bar yesterday. However, it had a big tail on top, disappointing for the bulls.
– Yesterday was likely a strong enough surprise bar that the market will probably get a second leg up at a minimum.
– The bears are hopeful they can create a failed breakout of the March high and form a swing short that would set up a wedge top.
– The bulls still are hoping for the bull breakout of the March bear flag.
– While the odds favor the upside breakout, the bulls’ probability is not yet high.
– The bulls need today’s follow-through bar to close above the March high, which would increase the odds of the market going higher and possibly a measured move up.
