240 10:15am
Watching for potential double top patterns and another drop down that could continue the large red wedge pattern. Note previous double tops. Another lift to red pattern resistance possible for 2nd top of current pattern.
For more lift we would like to see the current grey resistance become support. If red pattern resistance is broken through, potential for more significant lift. If it holds we could expect more of the same zig-zag, lifting - retrace, we have been seeing.
Daily
We are still at the larger sideways pattern resistance and need to see a clear break to confirm the consolidation is over. As noted above, potential for slightly more lift and then a drop.
The current grey s/r is the same as above and what we want to see support from.
Green channel shows recent lift. If this channel continues then we would expect to see more of the zig-zagging within it as the market lifts.
Indicators still suggest positive pressure.
Weekly
Indicators are still showing strong positive pressure.
May be finding support from blue dashed trend line. 34ma is falling, and would be our next target consideration. IF this occurs, then a drop back to the 13ma (lifting) would be normal market movement before the lift continues. Note also that the 34ma could not hold and we could see an extreme lift as we see in the 1st yellow box coming off the lows.
OVERALL we are watching for a potential short term drop that could be severe - back to previous lows in the larger patterns. However Long term views (and pressures) still remain positive, with the potential to have an extreme lift. Current technicals are critical as we watch to see what holds and what doesn't... break to the up side, leaving a long-term sideways correction... or does the correction have one more dump for us?
