All this being as it is, we cannot ignore the ascending that may possibly be printing as well. These patterns are drawn on the H6 TF, so make this chart yours per the directions below and zoom out to the TF to see them if you are interested. I have included a larger on the H4 TF. This pattern has a target of just around $12900, so traders should keep it in mind as well.
H4 is at 60 and is overbought but has a bit of room left to the upside. H1 is at 70 and is just now bouncing back into overbought, so it has room left to the upside as well. Traders should become cautious if H1 or H4 drops below their ascending support. If we happen to get a breakdown through the ascending support, then I will be looking for a bounce around $10140. Falling further below that level will have me watching for a bounce at the blue demand zones.
The daily candle is strong and price is finding resistance at the daily currently. The D3 has some work to do to overcome the previous couple of candles. The weekly printed hidden , as we were watching last week. A close at this level or higher should confirm it. Weekly is also nearing its descending resistance, and a close above that level should be an indication that price is headed higher on that TF. Weekly just dipped into oversold. Overall, continues to drop on the weekly which tells us that it is still consolidating at this time.
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