I still like the shock value of a 'B' leg ending and a 'C' of big 'B' beginnning, but a return to the triangle perimeter is far enough away to keep me entertained regardless of final outcome. Akin to EURUSD, I like the symmetry available of a return to the proposed 'A-B' speedline, ending timewise at the triangle pinnacle. The weekly SMI's do not look oversold yet and a little lower is the 90degree Gann line off 1.3501 and a Speedline grid line, so as long as price remains under the monthly dma, lower is to be expected after any consolidation.
The break out of the ending diagonal was perhaps one of the easier assumptions in technical analysis and with those daily SMI readings, it was indeed punchy. Price has already run into the monthly retracement cloud which sits in between the Trendline and its dma. The Trendline is now blue for 'up' and with the weekly and monthly bolly perimeters being pushed, some decision making is surely due. This is similar to the EURUSD pair, although there, the decision is being made in the middle of the bollys, not down here. So, I am looking for consolidation and then 'up' whilst the Trendline is blue and if price can get above the monthly retracement cloud, that has got to flatten off first, I'd assume. No more shorts for me, for now.
The 60min chart zooms in a little closer and here we can see the 4hr SMi cluster looking keen to drop. I was looking for shorts Friday but prefer to wait for longs now. With the 6day cloud in the way, any retracement is likely to be burning up time ranging a bit to avoid dipping under, if to keep the bullish intent alive, but whilst being contained by the monthly cloud above. I can already visualise what I want to see here and that is for price to coil across to the 16hr purple dma, meet a rising Trendline and 4hr bolly. Give me a lower SMi cluster and away we go. Well, you gotta hope!!
As with the EURUSD, the 8hr orange dma is holding up price, which is hopefully looking for the blue and purple lines below. Let us see if we get a retracement pattern into that area sometime next week.
The break out of the ending diagonal was perhaps one of the easier assumptions in technical analysis and with those daily SMI readings, it was indeed punchy. Price has already run into the monthly retracement cloud which sits in between the Trendline and its dma. The Trendline is now blue for 'up' and with the weekly and monthly bolly perimeters being pushed, some decision making is surely due. This is similar to the EURUSD pair, although there, the decision is being made in the middle of the bollys, not down here. So, I am looking for consolidation and then 'up' whilst the Trendline is blue and if price can get above the monthly retracement cloud, that has got to flatten off first, I'd assume. No more shorts for me, for now.
The 60min chart zooms in a little closer and here we can see the 4hr SMi cluster looking keen to drop. I was looking for shorts Friday but prefer to wait for longs now. With the 6day cloud in the way, any retracement is likely to be burning up time ranging a bit to avoid dipping under, if to keep the bullish intent alive, but whilst being contained by the monthly cloud above. I can already visualise what I want to see here and that is for price to coil across to the 16hr purple dma, meet a rising Trendline and 4hr bolly. Give me a lower SMi cluster and away we go. Well, you gotta hope!!
As with the EURUSD, the 8hr orange dma is holding up price, which is hopefully looking for the blue and purple lines below. Let us see if we get a retracement pattern into that area sometime next week.
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