Bulls see a failed bear breakout of a bear channel and ultimately expect a test bear trend line (top of the bear channel) which would be around the March 31 high.
Bulls also want a bull breakout of the 8-bar bear flag and a measured move up (purple line) of the bear flag projecting up to 1.0812 and the April 25 high.
The 6-bar selloff that started on April 21 is also likely an exhaustive bear breakout. This means the odds favor the market reaching the April 21 high.
Bears hope that the April 21 bear breakout will lead to a measuring gap and several legs down, reaching the 2017 lows.
Overall, the odds are the market will soon begin to go sideways to up, or the bulls will get an upside breakout of the bull flag.
Bulls hope today is an inside bar closing on or near its high and that the entry bar will be a strong breakout above the May 5 neckline of the double bottom (bears see it as a bear flag) that will lead to a measured move up.
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