Daily, weekly and monthly range channels all facing uphill of course, but price is at the top of them all. The test will come at the bottom of the weekly range channel and the monthly trend in the 6095-6158 area. Previous pull backs into the weekly channel have been footholds for another surge up and indeed any attempt to move this whole grind up, downhill, will need the monthly low and FLD to fail at 5890. So plenty to do just to get this truck moving around the other way. Selling at the top of the daily range will be my preferred approach until I see how the monthly trend reacts to a test at the weekly range low.
First things first though: My-Wave is currently facing north but a push down on the daily low at 6271 will be under the Daily Pivot too and see the 2hr FLD under pressure. If My-Wave can stay formed to the downside on an SMI overbought position, then a re-break of the 2hr FLD will be a good place to short near the top of the daily range. For now, on the sidelines.
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