WEEKLY
Significant sell off from 2014 has found resistance; potential reversal and lift to up to next blue s/r zone. Blue dashed s/r needs to be broken through first, could then see a lift to the next blue dashed s/r.
W%R indicating positive pressure and more lift potential.
MATA indicator shows a recent break from long-term structural momentum: potentially foreshadowing new wave or structure developing.
DAILY
Significant technicals have been reached - break up through needed for less risk. Immediate orange trigger is aggressive and high risk, potential for reversal off blue dashed s/r (or others) above market. Next orange trigger at 117.50 and offers less risk - room above to move to next technicals.
IF technicals hold then the market could see a reversal and drop to previous lows around 112.00.
240
Purple channel bounds recent lift. Watching for continued lift inside channel, or break down from it. Current sideways movement can be bound by technical (see 60min) and the market followed when they are broken. IF channle does not hold then a pullback to previous significant technicals is likely. If channel holds then we can see the next potential moves up. Orange arrows highlight potential moves.
60min
Smaller moves / opportunities are possible to trade depending om you risk tolerance and if you feel the gain/risk worth it. Orange trigger lines offer potential opportunities when broken. This is an example of bounding the sideways consolidation move and then following the market when it breaks from it, to the next technical. Orange arrows show some potential possibilities.
OVERVIEW
The market is showing strong indications of positive pressure and further lift on the higher time frames. Opportunities exist on the shorter frames while we watch for the market to break significant technicals for potential longer term positions.
NOT shown: chart and techcnicals from the daily showing another perspective, giving support to the potential of a reversal and drop soon, and where that is likely to go if it occurs.
