Sample Category Title
S&P 500 (SPX) Looking for Further Upside
Short term Elliott Wave View in S&P 500 (SPX) suggests that rally to 4793.3 ended wave (3). Pullback in wave (4) is unfolding as a double three Elliott Wave structure. Down from wave (3), wave ((a)) ended at 4752 and wave ((b)) rally ended at 4776.9. Wave (c)) lower ended at 4731.17 which completed wave W in higher degree. Wave X rally ended at 4754.33. Index then resumed lower in wave Y. Down from wave X, wave ((a)) ended at 4704.72, wave ((b)) ended at 4729.29 and wave ((c)) lower ended at 4681.94. This completed wave Y of (4).
The Index then turned higher in wave (5). Internal subdivision of wave (5) is unfolding as an impulse in lesser degree. Up from wave (4), wave ((i)) ended at 4790.80 and wave ((ii)) pullback subdivided into a zigzag structure. Wave (a) ended at 4739.58, wave (b) ended at 4789.52, and wave (c) lower ended at 4714.82 which completed wave ((ii)). Expect wave ((iii)) to end soon, then it should pullback in wave ((iv)) before turning higher again in wave ((v)) to complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from 1.6.2024 low in 3, 7, or 11 swing before the rally resumes. Near term, as far as pivot at 4681.94 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
S&P 500 (SPX) 60 Minutes Elliott Wave Chart
SPX Elliott Wave Video
https://www.youtube.com/watch?v=yH37hdr75GE
Technical Outlook and Review
DXY:
The DXY (US Dollar Index) chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to fall towards the intermediate support before resuming the uptrend towards the 1st resistance.
The intermediate support level at 103.14 is identified as a pullback support while the 1st support at 102.72 is also noted as a pullback support. Further below, the 2nd support level at 102.09 is also marked as a pullback support that aligns with the 50.00% Fibonacci retracement level, reinforcing this level as a key support area.
On the resistance side, the 1st resistance level at 103.65 is recognized as a pullback resistance. Higher up, the 2nd resistance level at 104.26 is also identified as a pullback resistance, highlighting its potential as a significant resistance zone.
EUR/USD:
The EUR/USD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to retrace higher towards the 1st resistance before resuming the downtrend.
The 1st resistance level at 1.0906 is identified as an overlap resistance that aligns close to the 23.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 1.1006 is also noted as an overlap resistance that aligns close to the 50.00% Fibonacci retracement level, suggesting a potential barrier for further upside movement.
To the downside, the intermediate support level at 1.0851 is identified as a pullback support while the 1st support level at 1.0813 is also noted as a pullback support that aligns with the 78.60% Fibonacci retracement level. Further below, the 2nd support level at 1.0743 is marked as a swing-low support, further reinforcing its importance as a key support level.
EUR/JPY:
The EUR/JPY chart currently shows a bearish overall momentum, indicating a downward trend direction. There is a potential scenario where the price could continue its bearish movement towards the 1st support level.
The 1st support at 160.87 is considered favorable as it aligns with multiple swing lows, suggesting a historical level where buying interest has previously emerged. Additionally, the 2nd support at 160.01 is identified as an overlap support and coincides with the 23.60% Fibonacci Retracement, adding confluence to its potential as a support level.
On the resistance side, the 1st resistance at 162.25 is recognized as an overlap resistance, indicating a historical level where selling interest has been present. The 2nd resistance at 162.84 is also acknowledged as an overlap resistance.
Furthermore, an intermediate resistance level at 161.75 is identified, marked by a swing high resistance and the 78.60% Fibonacci Retracement. This level adds additional strength to the potential resistance zone.
EUR/GBP:
The EUR/GBP chart currently demonstrates a bullish overall momentum, indicating a positive trend direction. In the short term, there is a potential scenario where the price could experience a drop to the 1st support level before bouncing from there and subsequently rising towards the 1st resistance.
The 1st support at 0.8556 is considered a favorable level due to its identification as a swing low support, suggesting historical significance as a level where buying interest has previously emerged. Additionally, the 2nd support at 0.8531 is recognized as a multi-swing low support, providing additional strength to the support zone.
On the resistance side, the 1st resistance at 0.8587 is identified as an overlap resistance and corresponds to the 50% Fibonacci Retracement. This confluence of technical factors adds strength to the potential resistance level. Furthermore, the 2nd resistance at 0.8616 is acknowledged as a multi-swing high resistance and aligns with the 38.20% Fibonacci Retracement, adding significance to this potential resistance zone.
GBP/USD:
The GBP/USD chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st resistance and the 1st support.
The 1st support level at 1.2650 is identified as a pullback support that aligns with the 61.80% Fibonacci retracement level. Further below, the 2nd support level at 1.2609 is noted as a multi-swing-low support that aligns with the 61.80% Fibonacci projection level, reinforcing its potential as a key support level.
On the resistance side, the 1st resistance level at 1.2781 is recognized as a swing-high resistance. Higher up, the 2nd resistance level at 1.2819 is marked as a multi-swing-high resistance, reinforcing its significance as a potential resistance zone.
GBP/JPY:
The GBP/JPY chart currently exhibits a bullish overall momentum, indicating a positive trend direction. There is a potential scenario where the price could continue its bullish movement towards the 1st resistance.
The 1st support at 187.30 is considered favorable due to its identification as an overlap support, suggesting historical significance as a level where buying interest has previously emerged. Additionally, the 2nd support at 186.20 is recognized as another overlap support, providing additional strength to the support zone.
On the resistance side, the 1st resistance at 188.93 is identified as a swing high resistance, marking a level where selling interest has been historically observed. Furthermore, the 2nd resistance at 190.19 is noteworthy for the presence of the 61.80% Fibonacci Projection, adding significance to this potential resistance level.
USD/CHF:
The USD/CHF chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the 1st resistance.
The 1st resistance level at 0.8710 is identified as a pullback resistance that aligns with the 78.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 0.8806 is also noted as a pullback resistance, further reinforcing its significance as a potential resistance zone.
To the downside, the intermediate support level at 0.8661 is identified as an overlap support while the 1st support level at 0.8638 is also noted as an overlap support. Further below, the 2nd support level at 0.8574 is marked as a pullback support that aligns close to the 38.20% Fibonacci retracement level, further reinforcing its importance as a key support level.
USD/JPY:
The USD/JPY chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the 1st resistance.
The 1st resistance level at 148.65 is identified as an overlap resistance. Higher up, the 2nd resistance level at 149.74 is noted as a pullback resistance that aligns close to the 78.60% Fibonacci retracement level, further reinforcing its significance as a potential resistance zone.
To the downside, the 1st support level at 147.71 is identified as a pullback support. Further below, the 2nd support level at 146.46 is also marked as a pullback support, further reinforcing its importance as a key support level.
USD/CAD:
The USD/CAD chart currently exhibits an overall bullish momentum. In this context, there is a potential scenario for price to rise towards the 1st resistance.
The 1st resistance level at 1.3527 is identified as a pullback resistance. Higher up, the 2nd resistance level at 1.3620 is also noted as a pullback resistance that aligns close to a confluence of Fibonacci levels i.e. the 61.80% retracement and the 61.80% projection, further reinforcing its significance as a potential resistance zone.
To the downside, the 1st support level at 1.3425 is identified as an overlap support. Further below, the 2nd support level at 1.3341 is marked as a pullback support that aligns close to the 50.00% Fibonacci retracement level, further reinforcing its importance as a key support level.
AUD/USD:
The AUD/USD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to retrace higher towards the 1st resistance before resuming the downtrend.
The 1st resistance level at 0.6614 is identified as a pullback resistance that aligns with the 23.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 0.6654 is also noted as a pullback resistance that aligns with the 38.20% Fibonacci retracement level, suggesting a potential barrier for further upside movement.
To the downside, the 1st support level at 0.6534 is identified as a pullback support. Further below, the 2nd support level at 0.6461 is also marked as a pullback support that aligns with the 78.60% Fibonacci retracement level, further reinforcing its importance as a key support level.
NZD/USD
The NZD/USD chart currently exhibits an overall bearish momentum. In this context, there is a potential scenario for price to retrace higher towards the 1st resistance before resuming the downtrend.
The 1st resistance level at 0.6132 is identified as an overlap resistance that aligns with the 23.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 0.6182 is also noted as an overlap resistance that aligns with the 38.20% Fibonacci retracement level, suggesting a potential barrier for further upside movement.
To the downside, the 1st support level at 0.6064 is identified as an overlap support that aligns close to the 50.00% Fibonacci retracement level. Further below, the 2nd support level at 0.6015 is marked as a pullback support that aligns close to the 61.80% Fibonacci retracement level, further reinforcing its importance as a key support level.
DJ30:
The DJ30 chart currently displays a neutral overall momentum, indicating a lack of a clear trend direction. There is a potential scenario where the price could fluctuate between the 1st resistance and 1st support levels.
The 1st support at 37814.50 is considered favorable as it is identified as a pullback support, suggesting historical significance as a level where buying interest has previously emerged. Additionally, the 2nd support at 37163.35 is recognized as a multi-swing low support, providing additional strength to the support zone.
On the resistance side, the intermediate resistance at 38097.50 is identified as a pullback resistance, suggesting a level where selling interest may be observed. Furthermore, the 1st resistance at 38267.90 is noteworthy for the presence of the 161.80% Fibonacci Extension, adding significance to this potential resistance level.
GER40:
The GER40 chart currently exhibits a weak bullish overall momentum with low confidence, indicating a tentative upward bias. Several factors contribute to this weak bullish momentum, and as a result, the price could potentially make a bullish continuation towards the 1st resistance.
The intermediate support at 16610.20 is recognized as a pullback support, suggesting a level where buying interest may emerge. Additionally, the 1st support at 16352.90 is considered favorable as a multi-swing low support, indicating historical significance as a level where buyers have been active. This support level also aligns with the 78.60% Fibonacci Projection, adding confluence to its potential as a support zone.
On the resistance side, the 1st resistance at 16828.10 is identified as a multi-swing high resistance, suggesting a historical point where selling interest has emerged. The 2nd resistance at 16961.70 is noteworthy for the presence of the 127.20% Fibonacci Extension, adding significance to this potential resistance level.
Furthermore, the intermediate resistance at 16681.30 is recognized as a pullback resistance, suggesting a level where selling interest may be observed, and it corresponds to the 78.60% Fibonacci Retracement.
US500:
The US500 chart currently demonstrates a weak bullish overall momentum with low confidence, suggesting a tentative upward bias. Several factors contribute to this weak bullish momentum, and as a result, the price could potentially make a bullish continuation towards the 1st resistance.
The 1st support at 4794.7 is considered favorable due to its identification as an overlap support and coincides with the 50% Fibonacci Retracement, indicating historical significance as a level where buying interest has previously emerged. Additionally, the 2nd support at 4722.1 is recognized as a swing low support, providing additional strength to the support zone.
On the resistance side, the 1st resistance at 4883.8 is identified as a potential level for selling interest, and it corresponds to the 161.80% Fibonacci Extension, adding significance to this potential resistance level. Moreover, the intermediate resistance at 4818.4 is recognized for the presence of the 100% Fibonacci Projection, providing additional confluence to the potential resistance zone.
BTC/USD:
The BTC/USD chart currently exhibits a bearish overall momentum, indicating a downward trend in prices. There are several key levels that traders should pay attention to, suggesting a potential bearish continuation.
The 1st support at 38252 is identified as a critical level due to its designation as an overlap support and aligns with the 78.60% Fibonacci Retracement. This level has historical significance, representing a strong area where buying interest has previously emerged. Additionally, the 2nd support at 36731 is recognized as a swing low support and coincides with the 161.80% Fibonacci Extension, adding further strength to the support zone.
On the resistance side, the 1st resistance at 40659 is noted as a level where selling interest may intensify. This level corresponds to a pullback resistance, suggesting potential barriers to upward movement. Furthermore, the 2nd resistance at 41770 is significant for being a multi-swing high resistance and aligns with the 23.60% Fibonacci Retracement, providing additional confluence to this potential resistance zone.
ETH/USD:
The ETH/USD chart currently displays a bearish overall momentum, suggesting a downward trend in prices. Traders should take note of key levels indicating a potential bearish continuation.
The 1st support at 2257.41 is considered a crucial level as it is identified as a pullback support and coincides with the 78.60% Fibonacci Retracement. This level holds historical significance, indicating a strong area where buying interest has previously emerged. Additionally, the 2nd support at 2171.31 is recognized as a multi-swing low support, providing added strength to the support zone.
On the resistance side, the 1st resistance at 2432.97 represents a level where selling interest may intensify. This level corresponds to an overlap resistance, suggesting potential barriers to upward movement. Furthermore, the 2nd resistance at 2492.19 is noteworthy for being a pullback resistance and aligns with the 50% Fibonacci Retracement, adding confluence to this potential resistance zone.
An intermediate support level at 2301.00 is also highlighted as a swing low support, providing an additional reference point for potential price reactions.
WTI/USD:
The WTI (West Texas Intermediate) chart currently exhibits a neutral bias. In this context, there is a potential scenario for price to fluctuate between the 1st resistance and the 1st support.
The 1st resistance level at 75.24 is identified as a pullback resistance. Higher up, the 2nd resistance level at 76.08 is also noted as a swing-high resistance, suggesting a potential barrier for further upside movement.
To the downside, the 1st support level at 72.85 is identified as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 50.0% retracement and the 61.80% projection. Further below, the 2nd support level at 70.58 is marked as a pullback support, further reinforcing its importance as a key support level.
XAU/USD (GOLD):
The XAUUSD (Gold/US Dollar) chart presently displays an overall bearish momentum. In this context, there is a potential scenario for price to fall towards the 1st support.
The 1st support level at 2,005.53 is recognized as a pullback support that aligns with the 61.80% Fibonacci projection level. Further below, the 2nd support level at 1,976.18 is categorized as a swing-low support that aligns with the 100.00% Fibonacci projection level, further reinforcing its importance as a key support level.
To the upside, the intermediate resistance level at 2,039.41 is identified as a pullback resistance that aligns with the 61.80% Fibonacci retracement level while the 1st resistance level at 2,059.26 is noted as an overlap resistance that aligns with the 61.80% Fibonacci retracement level. Higher up, the 2nd resistance level at 2,087.79 is marked as a multi-swing-high resistance, signifying its significance as a potential hurdle for further upward price movement.
BoJ holds steady, with CPI core-core projected at 1.9% in next two fiscal years
BoJ left monetary policy unchanged as widely expected. The forecast for fiscal 2024 CPI core was downgraded, whereas fiscal 2025 CPI core forecast saw a slight upgrade. Notably, CPI core-core forecasts for fiscal 2024 and 2025 were left unchanged at 1.9%, indicating a steady path towards achieving Japan's 2% inflation target sustainably.
Under Yield Curve Control, BoJ kept short-term policy interest rate unchanged at -0.1%. Additionally, target for 10-year JGB yield remains around 0%, with an allowance for fluctuation below 1.0% upper bound. These decisions were made by unanimous vote.
BoJ noted, "Consumer inflation is likely to increase gradually toward the BoJ's target as the output gap turns positive, and as medium- to long-term inflation expectations and wage growth heighten." The central bank also acknowledged the growing "likelihood" of realizing this outlook, albeit with an emphasis on the continued "high uncertainties" surrounding future developments.
In the median economic projections:
- Fiscal 2023 GDP growth at 1.8% (down from October's 2.0%).
- Fiscal 2024 GDP growth at 1.2% (up from 1.0%).
- Fiscal 2025 GDP growth at 1.0% (unchanged).
On the inflation front:
- Fiscal 2023 CPI core at 2.8% (unchanged).
- Fiscal 2024 CPI core at 2.4% (down from 2.8%).
- Fiscal 2025 CPI core at 1.8% (up from 1.7%).
- Fiscal 2023 CPI core-core at 3.8% (unchanged).
- Fiscal 2024 CPI core-core at 1.9% (unchanged).
- Fiscal 2025 CPI core-core at 1.9% (unchanged).
AUD/USD Faces Major Hurdle, Can It Recover?
Key Highlights
- AUD/USD declined below 0.6650 and tested the 0.6525 zone.
- A major bearish trend line is forming with resistance near 0.6610 on the 4-hour chart.
- EUR/USD is consolidating losses near the 1.0900 zone.
- Crude oil prices might start another increase above the $75.50 resistance.
AUD/USD Technical Analysis
The Aussie Dollar started a major decline from well above 0.6800 against the US Dollar. AUD/USD dropped below the 0.6650 and 1.0920 levels to enter a bearish zone.
Looking at the 4-hour chart, the pair settled below the 0.6620 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). Finally, the bulls appeared near the 0.6525 level.
A low was formed near 0.6525 and the pair is now attempting a recovery wave. There was an increase above the 0.6575 resistance. It cleared the 23.6% Fib retracement level of the downward move from the 0.6728 swing high to the 0.6525 low.
On the upside, the pair is facing resistance near the 0.6610 level. There is also a major bearish trend line forming with resistance near 0.6610 on the same chart.
The next key resistance is near the 0.6650 zone or the 61.8% Fib retracement level of the downward move from the 0.6728 swing high to the 0.6525 low. A close above the 0.6650 zone could open the doors for more upsides. The next stop for the bulls might be 0.6685.
If there is no move above 0.6610, the pair might continue to move down. Immediate support is seen near the 0.6575 level. The first major support is near the 0.6650 level.
The next major support sits near the 0.6525 region. A downside break below the 0.6525 zone could spark another sharp decline. The next major support is 0.6465 below which the pair might decline and test 0.6420.
Looking at EUR/USD, the pair is consolidating losses near 1.0900 and might attempt a recovery wave in the near term.
Economic Releases
- Euro Zone Consumer Confidence for Jan 2023 (Preliminary) – Forecast -14.3, versus -15 previous.
Australia’s NAB business confidence rises to -1 amidst slowing price growth
Australia NAB Business Confidence fell rose from -8 to -1 in December. However, Business Conditions fell from 9 to 7. The decline was observed across several key areas: Trading conditions dropped from 13 to 10, while Employment conditions also decreased slightly from 8 to 7. Profitability conditions remained steady at 6.
NAB Chief Economist Alan Oster noted that "confidence and conditions are softest in manufacturing, retail and wholesale," attributing this to consumers cutting back on spending over time. Although there was a pickup in confidence within the retail sector in December, Oster expressed caution, stating that "it remains to be seen if this will be maintained."
Another significant development was the sharp decline in price and cost growth. Labor cost growth eased to 1.8% in quarterly equivalent terms, down from 2.3%. Purchase cost growth also declined from 2.5% to 1.6%. Overall price growth slowed from 1.2% to 0.9%, with notable decrease in retail price growth from 1.8% to 0.6%.
Oster highlighted the significance of this decline in retail price growth, attributing it in part to the sales periods around Black Friday and Christmas. He remarked, "The marked fall in retail price growth in December... is nonetheless an encouraging sign that inflation may have eased at the end of the quarter."
New Zealand BNZ services falls to 48.8, back in contraction
New Zealand BusinessNZ Performance of Services Index fell from 51.1 to 48.8 in December, back into contraction territory. This downturn also brings the index below long-term average of 53.4. The increase in negative sentiment is evident, with the proportion of negative comments rising from 54.0% to 58.7%. The primary concerns expressed by businesses revolve around seasonal factors, increasing costs of living, and an overall economic slowdown.
Breaking down the PSI, several key components showed declines. Activity and sales dropped from 48.7 to 47.1, employment fell from 50.6 to 47.5, and new orders/business dipped from 52.2 to 51.2. Additionally, stocks and inventories decreased from 55.0 to 51.5, while supplier deliveries also saw a reduction from 52.8 to 50.5.
Stephen Toplis, BNZ's Head of Research noted that the softening in PSI, combined with the previously reported weakness in Performance of Manufacturing Index, paints a concerning picture for New Zealand's near-term economic growth and employment. While tourism has been a critical driver for the services sector and is expected to continue supporting the economy, Toplis emphasized that it cannot solely bear the burden of economic revitalization.
JPY: Bulls Eagerly Await the BOJ’s Move
The yen has experienced significant fluctuations in recent weeks, initially gaining ground against the weakening US dollar in December but subsequently losing those gains as the dollar rebounded in January. USD/JPY reached 148.80 on Friday, the highest level since November 28, prompting concerns that if the yen continues to depreciate, the Ministry of Finance might intervene to support it, especially if it breaches the 150 level.
The upcoming policy meeting of the Bank of Japan (BoJ) on Tuesday adds a layer of uncertainty. While the market does not anticipate a change in policy settings, surprises from the BoJ are not unprecedented. Although expectations are for the BoJ to eventually move away from negative interest rates, the prevailing economic conditions, recent earthquake impacts, and upcoming national wage negotiations in March suggest that the April meeting might be more conducive for significant policy announcements. Even if the BoJ maintains its current stance in the upcoming meeting, investors will closely analyze various factors, including updated inflation reports and quarterly economic projections.
CADJPY - D1 Timeframe
CADJPY on the Daily timeframe seems to be setting up for a reversal in the trend. From the price action on the chart, it is evident that price is currently trading within a supply zone, with a likely QMR (Quasimodo Reversal) being formed. The presence of a trendline that overlaps the supply zone serves as an extra confirmation of the bearish sentiment.
Analyst’s Expectations:
- Direction: Bearish
- Target: 108.631
- Invalidation: 110.732
EURJPY - D1 Timeframe
EURJPY is currently trading around 76% of the Fibonacci retracement and can be seen to be under a lot of bearish pressure from the supply zone. On the lower timeframes, I would prefer to see a clear break of structure in order to confirm the validity of my sentiment - remember that.
Analyst’s Expectations:
- Direction: Bearish
- Target: 158.762
- Invalidation: 161.976
USDJPY - D1 Timeframe
As for USDJPY, I have two key areas of interest that I will be watching keenly. I want to patiently watch for the reaction that price ends up making at either of these levels before taking my entry. As you can tell, both areas sync well with the 76% and 88% of the Fibonacci retracement level, so we can wait to confirm which of the two presents a stronger case.
Analyst’s Expectations:
- Direction: Bearish
- Target: 145.662
- Invalidation: 149.832
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
CADJPY Wave Analysis
- CADJPY reversed from key resistance level 110.00
- Likely to fall to support level 109.50
CADJPY currency pair recently reversed down from the key resistance level 110.00, which stopped the previous wave (B) in the middle of November, as can be seen below.
The resistance level 110.00 was strengthened by the upper daily Bollinger Band. The pair is currently forming the daily Shooting Star.
Given the strength of the resistance level 110.00 and the overbought daily Stochastic, CADJPY can be expected to fall further to the next support level 109.50.
Brent Crude Oil Prices Inch Upwards Amid Demand Speculations
Brent crude oil prices are witnessing a moderate rise as the week begins, with the cost per barrel currently near $78.40. This upward trend is primarily influenced by the evolving outlook on energy demand. Recent macroeconomic data have cast some doubts on future demand, somewhat offsetting factors previously buoying prices, such as tensions in the Middle East.
Currently, Brent crude seems poised for a phase of consolidation within a specific price range. Despite some existing downward pressures, the ongoing geopolitical tensions in the Red Sea and the Gulf of Aden are maintaining a significant risk premium in crude oil prices. Market dynamics are also reflected in the backwardation between the current Brent price and its six-month futures, suggesting an anticipation of potential future oil supply limitations.
Brent Crude Oil Technical Analysis
The H4 chart for Brent indicates a recent rise to $79.74, followed by a correction to $78.06. It's likely that a tight consolidation range will form above this level today. A break above this range could signal a growth trajectory towards $80.00, and potentially higher to $81.84 as a local target. The MACD indicator, with its signal line positioned above zero, supports the likelihood of continued growth.
On the H1 chart, a correction phase appears to have concluded. The price may start ascending towards $79.79. Following this, a new consolidation phase around this level is anticipated. An upward breakout from this range could propel the price further to $81.84. This outlook is reinforced by the Stochastic oscillator, indicating a signal line trajectory from above 20, aiming towards 80.
