Strong reaction to the weekly pivot there and conflicting technicals from the daily chart, downwards, getting more bearish the shorter term I look.
Daily break of the Gann channel line is still in play to the upside and the MACD/SMi would support a climb but we have been testing the break for sure.
The Gann channels off the 1.3708 broke down on that pull back and at the moment show a break to the downside.
The price action thus far in this move off the bottom yesterday is playing out in the 15min bolly's and has yet to stretch the 60mins. Note the 4hrs coming down from the top and up from the bottom. If we are going to get consolidation at that level, perhaps a bit more bouncing around to play with before the direction is clarified later this week.
For now price is above the daily pivot and My-Wave is up albeit just about - compressed really and at the very least trying to convince me this is a correction uphill. Lets see if we get another shot at the weekly pivot and what the reaction is. I'll take shorts from there if breaks down again.
The Gann channels off the 1.3708 broke down on that pull back and at the moment show a break to the downside.
The price action thus far in this move off the bottom yesterday is playing out in the 15min bolly's and has yet to stretch the 60mins. Note the 4hrs coming down from the top and up from the bottom. If we are going to get consolidation at that level, perhaps a bit more bouncing around to play with before the direction is clarified later this week.
For now price is above the daily pivot and My-Wave is up albeit just about - compressed really and at the very least trying to convince me this is a correction uphill. Lets see if we get another shot at the weekly pivot and what the reaction is. I'll take shorts from there if breaks down again.
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