Watching a daily equilibrium here, Ideally the bulls need to hold 5.08 but were not convinced yet that's our daily higher low - 4.92 is the MUST HOLD level for the bulls. We've had a weak bounce so far on decreasing which doesn't give the bulls a lot of confidence. Our key range right now is 4.92 - 6.20. IF the bulls do get bounce continuation I'd expect this move to top out somewhere around 6.80 and the bulls would need to regroup to set a higher low; we'll see where that gets set to gauge the likelihood of then breaking out to higher highs.
Zooming into the hourly chart we see a clear channel as a range with the last hour of Friday breaking below that channel. That's not a signal per se but it's certainly not giving the bulls any confidence here, and could actually be a daily setup. Any pullback above 5.37 on the hourly chart is a higher low and keeps the bulls in control, but they need to break above 5.54 early Tuesday morning to give us any confidence in this daily equilibrium pattern. The hourly cross is very weak right now, so we're patiently waiting to see how things play out before we plan any entries, or .