Based on my main time template above, I defined the 231D Time Span or D Area as a COLLAPSE AREA or it could be as a CONSTRUCTION AREA. If area D is the Collapse Area, then ideally the price will fall below $1122 Low December 2016 or at least fall below $1200 Low May 2016. On the other hand, I defined 427D Time Span or E Area as a TESTING AREA. If $1205 low July 2017 is the last test from the bear after the first test of $1122 within 427D Time Span, then the bull should ideally be able to conquer $1305. At the moment, it looks like the price has been out from the Long Downtrend Line 2011, and if bull can be conquered $1305, then the bull has a chance to move up to the end of 77D Time Span or until 2017.09.18 (minimum).
For this assumption, I see that it looks like a Bullish Posture/Construction is underway. Lets see what will FOMC will bring this week. However, in my view point $1272/62 at least should be maintained by the bull for this week.
I am watching your timeframes here.
As I feel the start of the 77 day t/f, IMO was (in Elliott terms) . "C".
Under that theory.
We have had 5-3, and now inside the 5 count again.
Having said that. We are approaching the $100 dollar move. 1200-1300!
Lets hope its 200.
cheers
Iskandarglenn.