Dominant TF: 60mins, Daily and low intraday time frames
Swings: DN-DN-UP
Market direction: Congestion with lower bias, but check levels and new pattern forming.
60mins: congestion to mildly up.
MTFS lines have joined on strong Fib + MM support. Entropy seems to have bottomed but is very low, and the MTFS green line is bearish indicating current recovery may be short-lived. Since the 150 support level is quite strong, congestion is likely.
Daily: down, but possible congestion.
There seems to be a Fib expansion pattern forming, but the MTFS is not very bearish, hence the lower part of the [150-156] range is still valid.
Weekly: probable congestion - Very low significance level, due to MTFS divergence.
Entropy is looking OK, but for the time being MTFS indicates continuation of this situation of congestion with an upward bias. Watch for divergence and possible double-top.
