Last week formed a failed bear breakout, nested wedge reversal and larger wedge bull flag. However there is a tail above the signal bar and prices have been in a tight trading range. Prices are in the middle of a large trading range as both sides fight for follow through. The buying pressure has been weak since the April 18 bear spike. The bulls will need strong follow through over the next few weeks to convince the market they have taken control. Most likely prices will continue to remain range bound and choppy, causing confusion and difficult trading on lower time frames for most traders.
