price has respected the completion and is moving toward the
first target which stands at 112 ish (112.15).
However, looking at the Weekly we can see that
price has just hit the upper border. As the projected cloud stands
, the resistance will be less strong and a weekly close
above the cloud will give a buy signal.
One can also regard the as part of a classic
pattern. The classic consists of a strong move without
retracements, followed by a retracement, followed by a
2nd strong move, with the target using the length of the original
move (XA) and project itfrom the D point of the retracement.
A weekly close above 111.27 (The upper Cloud band) will trigger
a strong buy signal on this timeframe (strong in the sense that it is
supported by two separated signals).
A conservative entry would be to wait for the retest of the breakout
level and then go long. A bounce off the 112 level could be that
opportunity. On the downside, a Weekly close below the upper Cloud
(below 111.27) will put upward action on hold at this timeframe, and
weakness on lower timeframe may be used to scalp on the short side if
fear sets in (and US stocks starts to drop ).
But as said, the general Bias is on the upside, especially if price puts in
that weekly close.