10:30am
60min
Recent lift has the market testing previous highs / resistance. Consolidation and pullback expected, how deep? Watch black channel, 13 & 34ma's, next grey s/r zone. Breaking down through these warns of potential to drop back again to purple s/r zone. Holding and lifting from these is the first indication of more to come, breaking through recent highs (and finding support from them) is a least risk opportunity for more up.
240
Large head and shoulders pattern potential - need to break through current highs to confirm. Indications previous pattern may be ending (MATA), continued positive strength. Potential for significant lift once break out occurs.
Potential also can be seen for another drop back towards the purple s/r zone. Less likely but technically sound. Watch 60min for clues (ie channel and other technicals hold or fail)
Daily
At the top of sideways channel, breaking up above orange trend line and finding support from it could see another lift equal to the depth of the current channel (or more).
Potential for another red bar and touch of 34ma and purple s/r zone before channel / orange trend resistance is broken.
