My PAR daily price action chart is shown below (with daily data...

My PAR daily price action chart is shown below (with daily data as at 11am 11/12/2018).  I can only describe the current price action as being “well behaved”.  The two most recent impulse moves, shown with green arrows, exceeded and then fell back below the Fib 100% targets.  On the consolidation following both of these moves the SP fell back to the Fib 61.8% retrace levels.  The next impulse move up has a target level of around 194c.  The current support level as shown on the chart is around 143c.  The gap that was created by yesterday’s price action has now been closed.
My momentum indicators are both moving higher but are also now in the overbought area.  However, my “Strong Trend” indicator (not shown on this chart) has also moved to a level that indicates a very strong up trend is now in play.  It is not unusual to find that the momentum indicators remain overbought and the SP continue to move higher when a strong trend is in play.  My cycle indicator has crossed down from the overbought area and is heading lower.  We can expect some sideways movement of the SP in the short term.  We can also expect to see some low volume testing for supply in the 138c to 143c area in the short term.



All IMO – Good Luck Everyone.