Sorry for the rushed post as I was heading out for Friday...

Sorry for the rushed post as I was heading out for Friday afternoon.

Main points:
1. Clear 5 wave up in green - good because it has some chance of eventually continuing after a pull back.
2. Price appears to be supported at the 61.8fib retracement level - good because this is the line in the sand for pull backs if the impulse up has any chance of continuing.
3. Reasonable chance to expect the ABC pullback in yellow is done as MACD and RSI (green arcs) seems to be basing and arcing up.

Based on above the the Risk Reward (RR) around here looks good. Now the confirmation will be if price starts to break above/out of the descending blue line, which could indicate a change in trend.

If it breaks the blue line and managers to get to the purple line it's a good sign after some consolidation.



MK
#HTH.