without the drawing its bouncing off sup/reistance
ALso its backed up with good volume.Effort=result in that leg up
on the other hand the Bulltrap cud be in effect, given that it never really established a trading range and i cant see a clear Last point of support level . may be its still in the phase B.
But its taking stops at sup/resitance zones from past so yea.
also the big jan drop boken the 50dma and 125dma support, which shoulder carried the whole 2017 bull run, and they have reverse crossed in a bearish way, the present decline in volume at the top of the upmove shows the 50ma is gonna go down, so it might be a sure shot bearish cross and not a fake out..
the 200dma was the floor for the falling knife, if there is a decline that starts now, on good volumes, 200dma support will be damn critical, and will mark the start of phase d of distribution , where no longs should be trapped..!
Let me know your criticism on this please..!
Disclaimer... not an investing/trading recommendation