The ABCD pattern as I posted before has played out well and price has respected the completion and is moving toward the first target which stands at 112 ish (112.15). However, looking at the Weekly Ichimoku cloud we can see that price has just hit the upper border. As the projected cloud stands bullish, the resistance will be less strong and a weekly close above the cloud will give a buy signal. One can also regard the ABCD pattern as part of a classic Gartley pattern. The classic Gartley consists of a strong bullish move without retracements, followed by a harmonic ABCD retracement, followed by a 2nd strong bullish 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 bullish weekly close.