- Higher time frame showing an inverse head & shoulders pattern
- Faster time frame showing a bear flag
The faster time frame bear flag could still partially break down (as it appears to be doing now) and have the inverse H&S remain intact. Essentially, bullish above 1313.75 and bearish under 1300. The 240-min could be setting up the 3d criteria, It would be best for the 240-minute to hold/regain it's 50% Fib. retracement.
With that said, the 2c-2d criteria is showing on the daily. As mentioned before, the 2c-2d criteria on a higher time frame shows as a 3d (3-pushes to a low, inverse H&S, or double bottom) on a faster time frame (which is what the 240-minute is showing). Also, the next move higher should either set up a lower high short setup or a breakout to higher prices. Whichever direction it goes, the momentum should be the clue to our measured move.