The stochastics look pretty good for immediate up on the 60-minute, although the MACD is more problematic. We bounced off the .618 retrace point of the move from 1327 to 1406 today, so I'm thinking that hit on the 20 EMA may wait.
That 20-30 point consolidation range doesn't sound so bad to take us up to that 50% retrace around 1386. The 'bad' news, if you're long and I'm getting the count right, is that I think it might end up being a 2 up in an impulse down. Sylvester's 1306 target would then end up a good target for the end of the 1 down, as that would be a 50% retrace of 5 of C. That's the bearish case.
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