GU is showing bullishness, Sign of Strength (SOS).
In terms of Daily TF, GU has taken out the SSL stacked from the left and is reacting off the NWOG from far left. From the most recent bearish leg, there is only one major IMB found in Daily TF, which is the IMB I stated above.
In terms of 4HTF, we can see price is being hold multiple times. Intermarket Analysis as Confluence using DXY, Dollar is putting in new HH while GU low is being hold, this is a SMT Divergence.
From now on, I will frame my trade with the market bias Long until price shows me otherwise. Focus on Long, until price trade back up into the daily SIBI or when it shows me SOW.
In terms of Daily TF, GU has taken out the SSL stacked from the left and is reacting off the NWOG from far left. From the most recent bearish leg, there is only one major IMB found in Daily TF, which is the IMB I stated above.
In terms of 4HTF, we can see price is being hold multiple times. Intermarket Analysis as Confluence using DXY, Dollar is putting in new HH while GU low is being hold, this is a SMT Divergence.
From now on, I will frame my trade with the market bias Long until price shows me otherwise. Focus on Long, until price trade back up into the daily SIBI or when it shows me SOW.
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Daily View:
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1H: