From smaller timeframe out to break in the New Year:
The MMA wave on the 15 min chart held all Friday but the 90min momentum cluster is very nested and oversold. The wave formation is definitely impulsive, so either a 'C' wave or a Wave 'A or 1' from the top in play. I was adding longs into the low and hoping for a gap up Sunday/Monday, but any up will suit me.
On the 60min chart, price was pushing the lower 8hr bolly band and was showing positive divergence on the MACd which usually signifies a 5th wave at some degree. However, the trend band was still in sell mode at Friday's close and had broken a square root progression line at 1.3599 (calc'd off the 1.3892 high in 2.8125 degree steps). So turn up expected but no sign in play thus far.
On the 240min chart, price was also pushing the lower daily bolly band, but the daily momentum cluster was no where near nesting. I wrote about this during the day and believe that the whole formation from 'A' may only be 'a' of 'B' thus far, with 'b' up to come next. Either that, or the move uphill marked 'A' is not complete yet and a new high is coming but I prefer the former idea.
On the 6hour chart, I have the square root progression study from 1.2041 low at 11.26 degree steps, planetary conjunction dates and the 20,40,80 & 160 day FLDs. We have a confluence there on the square root progression with the hourly chart at 1.3599. Price had hit the 80day FLD without retesting the 20day or 40 day above so far. However, the blue 45degree angle line running above price is not yet under any pressure, so any 'cut up' has some work to do to prove its metal, with this, the 40 day FLD and the 1.3599 square root line to beat. With the Venus conjunction on the 11th, I am assuming this will play a key part, so likely to bank/cover longs on any momentum stretch uphill, in the interim. Any drop, is likely to be heading for the 160day FLD at 1.3400, but I'd not be waiting for that with the above FLD's to back test first.
The daily chart houses the weekly bolly bands and the same trend band calcs as on the hourly but for the daily trend. The band is clearly under pressure having bounced off the weekly bollys but the indicator has not yet turned bearish, although it will tomorrow if upside price action is not seen. As such, if we have been witnessing an expanded flat correction, it has managed so far, to do it all in a bullish trajectory. Indeed, the MACD is positive and only shows an 'abc' correction thus far without crossing down the oscillator at all and price is still above the mean regression line from the 1.2041 low. All in all, I expect more upside and will follow it up, but expect it to be a 'b' wave rather than anything else.
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