Previous trading day we closed over the Bollinger Band. This is an extreme condition which often leads to a pull back. We got a bit of a pull back today, but we closed over the 3ema and did not form a candle sell pattern. These are bullish reasons I'm staying in.
However, a couple things look possibly short term bearish. The Stochastics(14,3,3) has a slight down slope while the previous 2 candles made a higher high. This is a Negative Stochastics Divergence, and can be bearish. The other thing is we may have made a "3 Drive to a Top" pattern as shown by the 3 thick white angled lines. If so, then we can expect a 50% or 61.8% retracement.
The bearish things happened over the Thanksgiving holiday, so maybe they aren't very reliable in this instance.
Bottom line, I'm holding on unless we close under the 8ema with confirmation the following day. or we hit the Stop Loss currently at 517.
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