Price bounced right off the January 2009 'lows' support line but I think there may be more to come to flush some long stops out under the line. We have obviously been trading sidewards for years and rather than worry too much about the long count, I surmise we are in a 'B' wave overall, after the 2009 low finished 'A'. As can be seen, price has been rolling around the yearly trend line in tighter and tighter ranges (triangle) and a break out at some point should be powerful in which ever direction. This is where the fun is to be had as I am sure the market is looking to dump a few loose hands before its real move up in 'C' of 'B' and then 'C' down. Seasick time!
The monthly chart is perhaps a little clearer. I did say 'perhaps'! If I look back, there seems to have been two corrective looking waves back to September last year and then this impulsive looking one down. I have labelled this overall A, B and now C in purple. Within the 'C' I think we are making out a gold 'B' wave in the expanded flat formation, similar to the smaller 'b; in the prior gold 'A' wave. See how 162% extensions would be replicated at 1.5955. This would then lead to a gold 'C' down to complete purple 'C'. Overall then, some up then down but I think there will be big 'C' up in time to complete big 'B' following the 2009 low 'A'.
The weekly chart shows matters turning bullish and following the theme, this will be 'c' up to finish the 'B' wave before 'C' down - refer back a chart if you are getting dizzy - I know I am.
Finally the short term chart. Whilst price stays above the daily trend lines (all green for now) then I am looking for a Gann/pyrapoint line on the weekly trend chart to stick under prices and the the intraday my-Wave to move on up. I think we may be tipping into a 'b' wave for now. Aligning the intraday, daily and weekly trends is about all I can do to stay on the right side of price action and the bigger picture will unfold whether I am right or wrong.
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