240 9:30am
A slight pause and sideways consolidation at the long term weekly blue dash s/r, and then the market broke up to the next blue Fib extension level, where we can see it once again pausing - we are now watching to see the reaction here, how much pull back. IF the market pulls back and retests the significant s/r we have just lifted through this would be normal market movement and another opportunity to consider for a long entry position. A lift past the last bars high would also be another trigger consideration for a lift to the next blue Fib level.
Daily
Daily bar has clearly broken through significant resistances, market expected to continue to lift within channel, positive pressure continues. watch for continued movement between the blue and purple Fib extensions.
Potential for pull back to move back to green channel always exists, however indicators across time frames are suggesting positive pressure and more lift potential. IF the market does fall off, we would be watching for the 13ma to be broken as warning signs for a reversal (as opposed to just a consolidation)... however this is the less likely scenario at this time.
Weekly
We can see that the weekly bar has clearly moved above the red s/r's. The tail of the current bar has also moved 1/2 way back through the previous bar - this is expected market movement, and now that it has occurred, the opportunity for further lift exists. (If the retrace had not occurred then we would be wary of this yet to come) Potential target is the falling pink UBB.
It should also be noted that normal technical movement to the 34ma is always a possibility at any time. Lower time frames should warn of this as the market turns, and there appears to still be lots of positive pressure - however it needs to be noted that it is technically possible.
