Chance of breaking consolidation to confirm uptrend Looking at the short term group of timeframes (90m, 3h, 6h, 12h)
We can see that the Green is higher than the Energy in all this group of timeframes indicating bullish sentiment.
We can start seeing early signs of forming an upward trend after a long consolidation period. In the 90 the Red RSI has closed making contact with the Green MA as it rises. As the Red RSI & Blue LSMA are above level 50 we can see potential for the price action to make its way up between the Aqua/Orange upper Bollinger Bands. (currently $122 & $124.4 and rising). In the 3h although the Red RSI has made contact with the Green as it falls, we can see the Green wants to turn back up, if the Red RSI can also turn back, we can see a case for continuation of the start of a period of upward pressure. However, we can easily see a small dip in upward pressure playing out in these timeframes beforehand. In my opinion, in the spirit of continuation of an upward trend this will manifest itself as a higher low in the 6h timeframe before we move up to a higher high.
These transitions to upward pressure tend to start in the scalping group of TFs and propagate up. We can already see the Green is higher than the Energy in all these TFs apart from the 45 where it looks like the Green can come out to the side to allow for the Energy to fall below.
I will try and catch up with a more detailed analysis shortly.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
Short Term TFs
