Simply put, our weekly candle just closed as a bullish engulfing candle...that means that it covers the entire previous weekly red candle and more. This is almost always a very reliable sign of incoming bullish action and I would think even more so on the weekly timeframe. I'm most certainly bullish and think 9.6k-10k before our first real 31-41% correction is likely...however at this point we could even visit 11,12, or even 13k before the big correction..hard to tell...I do hear talk of a gap on the CME chart at around 8500 however and we all know gaps always get filled, so whenever we have our big correction we will likely revisit 8.5k if we don't do a bear trap before then to fill the gap. Anyways, in summation: Bullish engulfing candle on the weekly chart? Should be an easy long....lets see if it pans out.
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