The market was short-term corrective today in an overall bullish environment. My RES 2 level made perfect sense but price failed to reach it on the first attempt – perhaps with such a big move over the last two days, there just wasn’t enough buying power to get to there.
That aside, a lovely triangle formed after the failure to reach RES 2 – which was also the upper bound of the Neutral Zone. The break up out of the triangle gave a lovely entry for a move beyond the Neutral Zone, and consistent with good triangle trades, it was in agreement with the move into it and with the overall trend.
