Not a lot of change from yesterday. Market had a slight bounce, that has only amounted to a sideways consolidation at this time. Watching to see if it turns in to a reversal or continuation. Sitting once again on the purple s/r zone, as well now as significant ma's from the Daily chart. Waiting for indications that we will lift from these, or break down through them.
240
Here we can see the market riding along the purple s/r zone and finding resistance from the green 13ma. The ellipse pattern also provided resistance - the further out we get the less likely we will see a move back to this. However at this point a quick lift up could continue to see the ellipse provide some guidance.
The 13ma needs to be moved over and we need to see support from it (not resistance as it is currently doing) for indications of a trend change and further lift potential.
Daily
As well as the purple s/r zone we can also see the 13 & 34ma's supporting the market. Until these are broken a positive bias remains. A bounce from them would have us looking to the UBB's for the next target objectives. Note the 13ma UBB sits just above the 1st green dashed trend resistance, and the 34ma UBB up near previous highs.
A bounce from here, or a break down, could be the start of the next significant move.... a break of the larger wedge pattern - up or down - will give us clues as to what direction the next significant waves are likely to go.
Weekly
Next target considerations when the wedge pattern breaks: Up to the pink 34ma, or Down to the pink 34ma LBB. Watching lower time frames can help us see when the wedge pattern breaks.
