The daily chart is in a strong uptrend on this chart, however it looks like we are in the process of a pullback correction so on the lower time frames we are seeing a down trend. Today the upward channel we placed over a week ago was pierced however has not closed below it. The two hour chart is also bearish however it has hit the D extension and now we see three candles with three higher lows. The 2 hour chart we have placed are new AB boundary and waiting for the pullback to our C fib so we can continue to the new D extension at price level 154.08 on this two hour chart. There is no fib placed on the 1 hour chart so we are looking a range where we have place support and resistance lines to wait for the breakout and we expect this to go to the downside or if it is resuming the uptrend. The 15 minute chart is looking good as long as we stay in this temporary bearish movement. The AB boundary is set and A is at 155.91 and B is at 155.60 and we are looking for a sell to the D extension at price 154.08. Now we just wait for price to come to us and we can take the trade.
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