The important part of this price action was the early rise upwards and then the rotation back down into the lows.
Because that price action changed the intra-day cycle around early in the day, tested the cycle lows intra-day and bounced....
At this stage the view is that this trailing (white) line will be the support line for the rest of this week in both markets as they rotate upwards with an UP bias this week..
I still view the market as choppy, with major support around the higher timeframes 50% levels, and more rotation on US day sessions.
Intra-day support as shown by the traling white line, but at this stage I don't see any major trend developing other than a weekly timeframe that consolidates for these 5 days between major support and weaker smaller timeframes:- below weekly 50% levels and 3-day 'sell' cycles.
Because that price action changed the intra-day cycle around early in the day, tested the cycle lows intra-day and bounced....
At this stage the view is that this trailing (white) line will be the support line for the rest of this week in both markets as they rotate upwards with an UP bias this week..
I still view the market as choppy, with major support around the higher timeframes 50% levels, and more rotation on US day sessions.
Intra-day support as shown by the traling white line, but at this stage I don't see any major trend developing other than a weekly timeframe that consolidates for these 5 days between major support and weaker smaller timeframes:- below weekly 50% levels and 3-day 'sell' cycles.
It wouldn't even surprise me to see a re-test of Monday lows if intra-day support breaks.......
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