All cities in us on This is not to say that the bearish pressure was weak, but the conditions did not allow for a substantial break on the sell side yet; the chart still showed higher lows on the whole and there was the potential obstruction of the big round number to consider as welL Prices did sink through the number a bit, and they even fell below the low of the nearest turnaround (combi at 4); but the more prominent low of the morning-star on the left held up well ( 1 -2), which will surely have helped to keep the prospects of re-conquering the round number alive for the bulls. In bar 8, prices broke out of what can be regarded as a W-pattern 214 Chapter 8 Recap Part I middle-part (box), but nothing for us to pursue. A few bars later, a pattern break pullback entry was offered above bar 9, but this break, too, could not yet boast of a top-quality label. Just look at that wall of resistance within the 5-6-7 cluster, still very much in view.
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Bulls did emerge victoriously from the round number skirmish, but they had no easy time plowing through the bearish opposition. In the absence of matching highs, it was only when bar 10 had bounced away from the high of bar 5 that the range barrier could have been drawn as depicted. It wasn't a very distinctive boundary by any means, but good enough to plot and extend for futures purposes.
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