240 1025am
Market continues sideways consolidation, which is starting to look like a wedge pattern. Break from pattern offers opportunities. Lower targets could still be reached and another bounce could occur as we have seen previsouly - watch ma's and significant technicals if we see more of a pull back from here.
Daily
Sideways at this time since yesterday. Positive pressure continues - a lift could see the next move up to the next red Fib level around 124.27. Pullback to the large green s/r - as we have seen 2x already - remains a possibility. IF this occurs we would expect another lift as we have seen previously to continue the pattern.
WEEKLY
Market still moving around the top of the red s/r zone, no clear lift from it can be seen yet. Positive pressure continues, more lift is expected.
As well as the pink UBB and trend channel as targets, we have also added 2 new long term channels that fit well. Another blue s/r line just above the pink UBB can be sen coming from the bottom left of the chart (this is the bottom support trend line of a channel). Further above you can see the pink dashed middle line from another channel. Both of these add target levels / technicals as the market lifts.
Technical potential to drop back to the ma's always exists. Given current pressure this is less likely at this time, however it is expected to occur at some point.
