The rally up from the 6-week base has now extended 6 weeks and time has expired. The rally has failed to reach the upside target (see white arrows at top of chart) and given that we have had contracting ranges for the last two 5-day time windows which suggests loss of momentum, we can look for sell signals to trigger. We are also rallying into the "High Resistance" on the chart (see labeling on histogram of on the right side of the chart).
The points were from before where there was a 6-week range from which a "range expansion rally started from" and then "confirmed by rallying the same distance again within 3 bars", but now the factors are behind the market and it is back to the "prove it" stage once again.
There is one "range expansion from 2 weeks ago that will fail if we don't rally 6.20 points from the 177.68 level. So, we need to reach 183.88 to prove the range expansion from October 22 (week #4 of 6 week rally).
Good fortune to you.
Questions: Please PM me or ask in the "Key Hidden Levels Chat Room" where myself or Ivan Labrie can answer.