The Bulls' Triple Bottom (51.85...51.81...51.87) failed right at the open. The Bulls managed a quick print of 51.85, validated the Triple Bottom as resistance (first yellow arrow), then they got thrown back to 50.97 yardline.
The rally off the 50.97 failed at validated resistance (second yellow arrow), so that's now TWICE validated resistance.
Off the second failure at resistance, The Bulls put in a Falling Channel (pattern in white), then broke out of it. The white arrow at the bottom of the channel was a third "tag," so that's now validated support (51.23). That's a plus for The Bulls, as long as they don't let The Bears take it out to the downside.
The second pattern in red is a "possible" Ascending Triangle, with nearly identical highs of 51.70 and 51.71. As I've been typing, those highs just got taken out, so that's a second bullish pattern breakout for The Bulls this morning, which helps them to attack that TWICE validated resistance (51.85...51.81...51.87).
The pattern building gives The Bulls a much better chance of attacking the resistance than trying to bully their way through it, like they did early this morning.
This is nice chart work and The Bulls need to keep this up!
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