Is GU ready to turn bullish? Let's read the market.
1. We have approached significant resistance point coming from the Daily chart
2. High Speed Index of 26.5 on the down move - nothing like that for the last three days - therefore most probably buyers.
3. The highest up Volume of the last six days - so this 26.5 SI were buyers.
So what do we do? Do we enter long ? The answer is "No" we have to wait to check if they are no more sellers. Most probably they will retest this level therefore we have to study the next waves.
Forecasted for one more time accurately by reading our waves with SI.
Retraced back with no significant down volume to previous resistance that became support and almost reached 50 Fib and up we go!!!
How about that move - Smart Money prepositioning before news and the result 120 pips from support.
