Price pushed the top of the daily (green), weekly (blue) and monthly (charcoal) range channels on Friday and price got very spikey. Plenty of 'abc's hitting 100% extensions in the 1.3710 area and plenty of room in both the current monthly trend (dark pink) and it's 'topping' FLD for any falls to be relatively significant. How price reacts around the channel lows is key, with subsequent short entries preferred at the top of the daily (green)channel, if a bear trend exerts and persists. For now, all of the range channels and the monthly trend line are facing up for bullish; if anything bearish is to get going beyond the channel lows will likely require consolidation to flatten out the channels and move price out to the right to find room to descend.
The Daily My-Wave is still up but there is enough room in the SMI cluster to see the daily range channel low at 1.35477 pushed hard Monday. As this would be below the My-Wave and the Daily Pivot, we could start to see the up-trend start to unravel with the weekly range channel low and monthly trend median being initial targets (blue and pink at bottom of page). I continue to stay short EURUSD to that area with price playing around with the 2 hr FLD (orange) indecisively. The 'cups' are being induced by the spikeyness in the ending diagonal, but a clear bounce off the FLD underside should seal a decent decline and smoothen matters out.
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