Weekly Timeframe: The weekly timeframe shows that even with the recent buying activity currently being seen on the weekly chart, price still remains firmly capped between a weekly supply area seen at 1255.2-1226.1, and a weekly decision-point demand level coming in at 1136.3.
Daily Timeframe: The buyers and sellers are presently seen battling for position around a daily Quasimodo resistance level coming in at 1221.1. For anyone considering shorting here, do remain vigilant to the possibility that price may fakeout north here towards a daily supply area seen just above at 1238.1-1227.7 (located within the aforementioned weekly supply area).
4hr Timeframe: The 4hr timeframe shows that price has finally broken out of the ranging band seen between 1211.3/1172/8, and has, as expected seen a prompt retest before continuing north (which we unfortunately missed)!
The 4hr timeframe also shows that entering short around the daily Quasimodo resistance level (see above) may not be such a good idea considering that we see very little active supply between 1212.1 and the 4hr supply area above at 1244.5-1240.1 (located deep within the aforementioned weekly supply area).
With the above in mind, we are going to attempt to enter long (if price retraces of course) using lower-timeframe confirmation around the 1213.5 mark, just above a recently-formed 4hr decision-point demand area at 1205.3-1213.2. If we manage to find an entry long here, we are going to be ambitious and attempt to target 1238.85, just below the aforementioned 4hr supply area (as per the blue arrows).