Hey pennies. I'm sure this is a test/trap of some sort. Lol but OK. I typed a long post but then decided to edit/chop it but without any sense of time, price etc, I'm left with trying to eyeball it and describe my point. In my opinion the very first thing I noticed is that price action was in an uptrend then went into a sideways range which tells me a continuation of the trend is more likely. Price action is sitting on top of a prior small consolidation level for added support. Price has moved up beyond the white trendline which is now possible support. It looks to be working on the right shoulder of an IHS pattern as well. I never could count TDI waves but it looks like a wave 5 break out to the point and a wave 1 down retest of the trendline as you suggested. So if I was trading that pattern pennies, I would be more likely to go long to the top of the channel vs short and that's not even including the spike bars that need to be filled. IMO. But hey, if I was always correct then I wouldn't be -50 pips on my EU short this weekend. Lol.
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