That did not occur so those strategies were not executed. The index continues in the sideways movement that it has been in since August. Wednesday tested the downside and closed strong, producing the sixth day within the same basic range. Four days is usually about as long as an index will go on the side.
Price usually comes out of the nest the day after a downside test.
If it is a valid nest, price will usually come out with wings or a wide range. Remember, they only present a good probability while the market is trending upward and in this instance our market is moving sideways. You could make an assumption this is an up trend, but I wouldn t have the evidence to come to that conclusion. Looking at the weekly chart. 1998, there have been three thrusts upward.