Monthly: Holding within a corrective channel formation. A break of support at 107.00 opens the way for a more aggressive corrective AB=CD formation. The measured move target is 92.00. This is just below the 61.8% pullback level of 94.77 (from 75.56-125.86)
Weekly: Broken out of the channel formation to the upside. Reverse trend line support is located at 110.16 (target 1). We have posted an Evening Doji Star pattern. This often indicates the top of a trend.
Daily: Mixed trading as we correct higher. We currently post a Demark 12+. A 13 count normally highlights the top of a trend. Bespoke support is located at 108.73, below the 161.8% extension at 109.40 (from 114.53-111.36)
Intraday (8 hours) – Mixed trading has formed an Ending Wedge pattern. A break of support at 113.15 and the measured move is 111.40. To the upside, we have a Fibonacci confluence area at 113.90. There is scope for a mild rally, but gains should be limited.
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