Here on the Q's we gapped up to R1 before losing steam and consolidating into a triangle, where a break-down retraced before continuing to Pivot Point support. The turn around in price left us with a V-bottom before we continued up to the highs of the day.
Checking out the 15-min chart we see the confirmed 20- & 50-EMA crossover taking place at this morning's open. The higher probability strategy is to short a momentum exhaustion back to the 50-EMA and/or buy the re-test of the50-EMA on strength. Next week we're looking to buy a higher low or perhaps short a failure of breaking the resistance of today's highs.
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