Although there is a slight discrepancy between the near term and longer term time outlook, upside potential is enough for some aggressive buying strategies. The 420-minute intraday chart below shows the contours of a new ABC recovery or perhaps even a new impulse wave targeting 17.9760 (conservative) and 8.1150. Both targets are well below the key weekly resistance levels starting at 8.2380 up to 8.3785.
We are entering long with stops below 7.7520. Near term trend: positive Long term trend: neutral/slightly negative Outlook: decent recovery, moderately positive Strategy: trading-buy Support: 7.7520 / 7.6695- Resistance: 17.9760 / 8.1150 / 8.2380 / 8.3785 Outlook cancelled/neutralized below 7.7520