60min 1030am
The right shoulder being watched for never materializes and the potential head and shoulder pattern doesn't occur.
Lift continues to the next Fib level (purple) where we can see it finds resistance and pulls back to the 13ma LBB and a blue Fib level. Bouncing, the market moves back to previous high, finding resistance and falling off again. Clear consolidation pattern underway. Two Fib levels currently bind the consolidation and can be used as trigger considerations when broken. Noe the significant technical support below market that must be moved through before a clear path can be seen.
240
Here we see the market lifted to the purple Fib extension and finds resistance; support from blue Fib level and previous highs. Watching to see if current consolidation remains within green channel as it moves right / lower. Holding at blue Fib level and lifting past recent highs is a good indication for a continuation of the larger trend within the green channel.
Breaking down through the green channel and the green dashed s/r that can be seen would indicate the consolidation is more that a pause and the larger lift from the bottom (not shown) may be correcting.
Daily
Here again we see the pause at the purple Fib extension. Green channel that can be seen on the 240 above can be seen here to contain the recent lift. If the current green channel fails then the pullback could be more severe, moving to the next green s/r and potentially back to the orange s/r that the market has recently lifted through.
IF support is found the next target levels above the market can be seen at the the next Fib extension levels.
