This adds positive connotations to what it see. I am still leaning towards this being a needed breather and retrace before we head for the main event. Today appears to be better than yesterday, setting up for a good day tomorrow. Let's wait and see how it turns out. In the meantime, here is what I'm watching
1 session left to close, currently remaining above the e21. In addition, we are also now above (we've come from higher) the e100 again, and above the green w5. Interestingly, I've dropped a temp fib from the bottom to the top, and we(this week's low) are in a zone (between 38.2% & 61.8%) where most trend resumptions occur.
DailyLooking at how today's candle has added to the chart we note the following positives.
- A higher daily close
- Yellow e21 continues positive separation from blue e100
- Green w5 continues to loose slope and round out a potential bottom
- Today's bottom tagged the e21 support at 0.230
As the e21 edges higher, so will the level of support. This can pose a problem where the price can actually slip under it, so now we are actually looking for a close at 0.235 higher to remain above it.
All things considered, and tomorrow being Friday we really want to close at 0.245 or higher. The chart looks like it wants to in my opinion, we have upcoming news flow to rise into and we've had a decent breather that has failed to gain legs for the bears. A close above the e21 leading into the weekend, will for my part, leave me free of concern for a down move for now. A close above 0.245 will be a great week, while a close above the e200 at 0.265 or higher will be a fantastic outcome. Look forward to seeing tomorrow's session.
