FMC Update

FMC still moving higher towards its first objective to close the gap in the 115 region. I have included a new target high of 123 (ish) by "assuming" the previous correction limit was 0.618 of the developing leg. This is a technique I have been using for a while and has proved successful more often than not. On the 4 hour chart a double gap up is visible, which bears are struggling to close. A move above fridays highs would confirm the momentum developing on MAROC, which currently at a level of 0.34 suggests the uptrend is sustainable. A cross above its first and second derivative would suggest stronger momentum in price action. Until that happens prices should continue to chop higher.

*** MAROC is not a buy/sell indicator. It suggests sustainability of a trend.