Anticipating a turn down into the 80week low; cycle running long and no sign yet.
The overall trend remains bullish but I am working on significant headwinds being likely in due course, given the above. The annual pivot and 200day SMA make possible targets, but I only have a 40 day low due by month end. As such, I am working on conservative pull back potential, until I can see what the move out of that 40day low looks like. For now, the grid line at 1.3925 has been acting as resistance, but given that is some way above the annual S1 at 1.3835, which was already been back tested last week albeit in a 'lurch', I am mindful of another attempt at the 1.4016 grid line above.
The 80day price envelope and daily bollys have been containing price for a week or so now. I am looking for a move into the 20day FLD (orange) and the bottom of the price envelope, as a first stage of the 40day low/correction. But I have been waiting a week and 2 days already and the 80day cycle trend line (thick light blue) has been holding price up. A break of yesterday's low should help matters. Worth looking at where the lower bolly bands sit at present.
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