The TL level is currently 4914. The bottom of the cloud is 4964. The TL is dropping at a rate of 8 points per day. Add all that to the WR1 at 4944 ,and you have strong containment in that area that should herald a reversal to the DOWN.
As of this writing (I'm a little late this weekend.), price was getting close to the WS1 at 4823. That needs to hold, or most likely, a broad range consolidation will continue before it's time to reverse.
I think I mentioned before, but just to be sure, if the above area does not hold, then the market is on its way to the YR1 at 5089, and it could sprout wings in getting there.
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