I believe we are still trading within the bounds of the daily pennant that formed over the last several weeks. Visible on the chart is the 4H descending Channel I have drawn in as well as the 1H descending channel I have drawn in both of which are currently respected, both falling in line with the daily pennant formation. The purple and orange arrows denote the movements I believe are possible given my technical analysis. Should the red countertrend line I have drawn in be broken correctly I will potentially take a short term short position on the 1H. Beware taking a long term short, given the rate cut that could be coming this week bullish movement is possible should it not already be priced in as yet.
