We have already had a turn up at 1.5674 on the 28th January where the daily and weekly range channels coincided. The monthly range channel has been going sidewards, and with the weekly (blue) seemingly flattening out in the monthly range lows, it seems that this strike down into the daily lows is an opportunity to buy as a retracement move. The weekly range high, monthly trend and it's FLD all sit is the 1.6000 area and that would be my initial target, buying at the daily range lows where possible.
Daily My-wave was obviously down on Friday and pushing the daily range low with strength. As the weekly low is some distance away, and the Monthly range low (from above chart) is still facing downhill, there is no need to rush any entry here, although the SMI cluster is oversold for now. Would be looking for the My-Wave to get turned over to the upside and then for price to press back to test that turn, offering an elegant entry in due course (wave 1 and then wave 2). The 2hr FLD (orange) is looking prone to being captured soon, but given it is facing downhill, it also needs to flatten, get back tested and start rising along with the My-Wave. I reckon this pair will get spikey and I hope it will settle down a bit to allow a comfortable higher low to enter on safely.
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