Although there was a slight increase in the weekend close, it does not mean that the bulls have secured victory.
There is still a large amount of unliquidated liquidity in the 107-108 range, while the CME gap in the 110-112 area has not been filled.
The market is very likely to choose to probe lower, completing the gap filling and washing out, before establishing a more solid foundation for reversal.
Overall, the trend in Q4 remains optimistic, and the medium-term still leans towards a bullish outlook.
