Quick recap from the weekend report. Price reached D9 and is now going to have to fight the D7 trough, which will be applying topping pressure to price action. If D9 breaks to the upside, there would be a likely jolt up to T11 initially on its way to D10. Failing at D9 to the underside would like create a double bottom at 1.2041, based on the D10 formation above.
T1 is only showing a 'flat' formation at this D9 turn, thus far. Also possible triangle formation unless prices get going a bit more. It is clear that the D9 'line in the sky' zone has caused a pause in the price rise from last week, but we do need D1 to fail to capitalise on this. That SMI set up looks weak again already as we approach D1 and another bounce looks likely above D1.
That 240min bolly band SD line failed at 3am this morning and we are now at the next one down with a bearish intra-day My-Wave and price is now under the daily pivot. Everything seems set up for the decline to continue except that momentum indicator in the last chart - these tend to fail in a trending move unless measuring out a retracement but if this is a flat correction, this is suggesting a more bullish explanation. This is the bit i'd like clearing up here, but that will take D1 failure to sort. Catch up later.
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