Monthly: Posted a bearish Outside Month in March. This pattern often highlights the top of a trend and the start of a new downward bias. Last months price action posted an indecisive Inside Month. Expect trading to remain mixed and volatile while price action stays within the Ichimoku Cloud. Cloud resistance is located at 132.55
Weekly: Hold within an Expanding Wedge formation. This pattern has an eventual bias to break to the downside. Trend line support is currently located at 123.10. the measured moved target is the start of the wedge at 109.20. To the upside, 132.00 to 134.00 is a previous congestion zone.
Daily: The move higher is mixed and volatile, common in corrective sequences. A full AB=CD formation would take the cross to 132.35. This is close to the 61.8% pullback level of 132.58 (from 137.50 – 124.62). With trend line resistance located at 129.89, we prefer to buy into mild dip. Ichimoku Cloud support is seen at 129.00. This is close to bespoke support at 128.85. Although the anticipated move higher is corrective, it does offer ample risk/reward
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