A few things to show you, in no particular order.

Some people drew in the equidistant channel, others may have plotted the 100 EMA – potent selling, yes, but the market only made it back down to the up swing’s oversold level, so far this is a retracement, possibly a Wave 2.

Although there is no clear direction (there have not been 3 constructive candles on either side), going through God back and forth is a sideways market, but on the balance price has gotten further on the upside than on the down so far. Supertrend 2 period, 3.0 multiplier is positive and the channel bottom is very close – would be even closer tomorrow.

Whilst others are expecting the re-visit and beat of the low, I am not at all convinced at all.

I believe that the structure of the down move was ABC corrective. Elliott Wave has something banning from Wave 2 taking up a shape of a triangle. The E-16 and E-44 on this time frame was framing the compression / particle accelerator perfectly. Who needs trendlines anyways? There is a selling zone above as you can see, a reaction from that professional volume’s wick is to be expected.

There were 2 more things saying that the last leg down was a C, the RSI2 ending on a strong note (continuation divergence up) and the fact that price tagged the third standard deviation of the 62-linear regression line (hourly).

Not only the downside move had a corrective structure, but the upside, low volatility move seems to be made of 5 waves.

Therefore I’m expecting an ABC move down for a next wave.

The magenta block was the bulk of the body of an extra high volume candle that gave support.

There is a doji support at 1.1314 – just about the recent low and the cyan pro volume has a small wick that could reject the A leg down – quite possible with this muted volatility. E-44 is the last hope for the turn down, so it better be on it already.

We are going to postpone the lessons about why every break out is a money flow divergence break out and why you should find a signature, bread and butter trade for yourself.

I have to show you how D32Pro V1.5 handled this limbo period. Although the sell signal was a smidge early (30 pips), the green turn got picked up perfectly without me having to rewrite any of the existing filters.

1.1524-1.1528 comes up as Daily Window Envelope, Daily Money Flow divergence break out zone (46 pips displacement), current 4H consolidation’s sound barrier to overbought zone and a number of other things I’m sure. 1.1501 is the 4H projected distance from the last leg up.