On the heels of the 15m chart, here is the higher time frame analysis. The 4hr chart has been (for the past couple of weeks) and continues to be consolidating. After briefly recapturing the 1000 level (and getting quite overbought in the process) she has taken some time to clean herself up. A smaller bearish ab=cd
pattern has emerged through this consolidation and ideally I would like to see that target hit before getting too bullish
. Additionally, our Willy 21 indicator has yet to reach our 'stupid oversold' long entry window suggesting we are still in 'anywhere from here land'. The shorter term time frame analysis suggests a rally is possible into the high 900s which would suggest the bearish ab=cd
pattern's stop will be tested over the coming sessions. That notion seems to correspond with the current 4hr OTE
short sweet spot as it currently is well above the 1000 mark.Very interestingly, this consolidation has occurred at or above the 38.2% fib suggesting a rather bullish
backdrop IF we resolve higher.