 Okay, welcome traders to the first of the Live Nautical Sessions in 2021 with me, Patrick Mellon. I hope you all have an enjoyable and relaxing holiday season back ready to tackle the markets for another year. And before we get going, can I just do a quick audio check if you can hear me loud and clear and you can see the tick mill welcome screen. If you just type a Y in the chat box, that would be helpful. And then we shall get going. Good stuff. Okay, so obviously before we start with today's chart analysis, as always, we want to adhere to the risk disclaimer. Specifically for today's discussion, any of the views represented by me here today are solely mine and they're not indictive of or representative of Tick Mill UK or Tick Mill Europe limited. So with the risk disclaimer out of the way, quickly some housekeeping, if you do have any questions regarding any of the charts we discussed today or any of the setups, or if you have a chart you'd like me to take a look at, if you could wait till the end of, to the end of the presentation, and then I'll open up the Q&A for anyone who has any questions. So for those that are here for the first time, let me just briefly introduce myself. I'd like to say my name is Patrick Moneley. After I graduated from university, I joined a city PLC consulting firm. And after a couple of years learning ropes, I left with some colleagues and went on to co-found and successfully exit a consulting startup post and merger in late 2004. I then moved on to explore my passion for markets with some capital to play with, and some time on my hands, I started day trading or more appropriately day gambling the S&P 500. After some early beginners luck, I racked up some pretty solid gains. However, as is often the case, the beginners luck run out and as the market phase changed, I basically began to average down into what were essentially losing positions. I managed to give back all the gains I'd made and ultimately experienced a significant six figure hit my personal capital. To say this was a gut wrenching and sobering experience is a huge understatement. And it was at this point, I really had to stand back and figure out if it was really feasible for me to make money or living from the market. So I decided to get serious about trading and I sought out a mentor with an excellent trading track record, working with my mentor for 18 months, two years, it was a period during which I ups, not just my technical game in terms of researching and developing a strategy that suited my personality extensively back and forward testing and developing a rigorous risk management approach to underpin that strategy. But more importantly, during this period of mentorship, I significantly developed my mental game and probably the most important watershed shift I made was moving from being a highly goal orientated individual focused on financial gains to being purely process orientated. So what does that mean? Well, actually what it means is I had to stop focusing on what I could make from the markets and start focusing solely on managing my mindset to allow me to consistently execute my trading strategy, oftentimes in the face of negative feedback from the markets in the form of losing trades. Once you become process orientated and have a professional trading mindset and you understand the true nature of trading being a numbers game in which you're simply playing the probabilities, you really lose that emotional investment and hellish roller coaster of living and dying by the outcome of individual trades. So I'm no longer concerned with the outcome of individual trades or a string of trades. My focus is on the next hundred trades because I know that if I focus on excellence and execution, my edge will demonstrate itself over an extended series of outcomes. My multi-strategy approach has delivered profitable annual returns since 2008. Since 2013, the performance figures you can see on the screen at the moment are, I've actually been managing external investor capital through a managed account service, again, delivering annual positive returns. I'm currently responsible for managing multi-million dollar portfolio. Since 2010, I've also personally mentored over a hundred private traders of all experience levels from complete novices to former CME floor traders in developing the technical and mental skills to reach consistent returns from the markets. I've also consulted to numerous brokers and trading education brands, contributing written content, webinars and live presentation content on a range of topics, market analysis to trading strategy developments and execution. In addition to my fund management and private mentoring, I'm also exclusively a resident market expert for TITMIL, providing daily market analysis. This is an example here. You can access these posts via the TITMIL blog. In the daily market outlook, I provide an overview of the current market conditions. I also specify specific technical levels that I'm watching. I also reference flows in the markets from various institutional trading desks. That gives you a daily perspective as the London session opens of where the market is and what the potential is for the session ahead. I also provide a daily chart of the day or technical setup that I'm watching. Again, I give some fundamental background to that thesis and I also talk about the specific technical setup that I'm watching and the criteria I'm looking for to engage the markets. I guess my other passion project is really as head of trading and trader education for a leading trading education brand called FXcareerswap.com. We offer development and funding to retail trading talent at FXcareerswap. We don't just develop retail traders market and trading strategy knowledge. We work on mindset development through a structure program that culminates in managing the firm's capital at zero personal financial risk on a profit share basis. For those that are interested, this is the website here at FXcareerswap.com. You can book a call with Joseph Mosley, who's the head of onboarding traders there. We've just recently also become CPD certified as well. You can find out more information about what it is we do at FXcareerswap and what we offer via the website. Like I say, if you are specifically interested in that, then you can book a call with Joseph through the website. So that gives you a flavor of where I'm coming from. Now what I want to do is talk about today. Before I do jump in today, one of the, as I mentioned before, I post the chart of the day for TickMill. Today's chart of the day was for the Australian dollar. What I would also note is information that I share with the traders on the FXcareerswap trading floor. And specifically today's chart of the day, like I say, was the Australian dollar. I give the technical, sorry, the fundamental background to where we are with the Australian dollar, and then talk about the specific technical setup. And additional to that and some background information today, which is pretty useful, is in terms of FX options flows. And one of the major flows I noted with the guys on the team this morning is there's been a pretty big put buyer in the Australian dollar, 400 million traded. And what that basically gives the buyer of this strategy is protection. Should the Australian dollar trade down below 75 cents, currently trading above 77 in the Australian dollar. So that would be two figures lower in the Australian dollar. This trader, or sorry, this position would get protection, should we trade below 75. Noteworthy is we have the RBA on the 2nd of February. And it's possible that they, the RBA, looking at the current strength of the Australian dollar may sort of talk that down. And so this bet or this position is essentially looking for protection against that potential move. So when I'd see these option flows come through, I highlight these to the guys on the team, because this is useful off the chart information, so to speak, that general retail traders wouldn't necessarily have access to, but helps to understand the sentiment of the market and the positioning in the market. So that was just a quick highlight in terms of the Australian dollar today that I noted for the guys. So what do I want to do today? Well, as we start the new year, what I thought we would do, I've had a bunch of questions come in regarding the market mapping that I do in terms of looking at the structure of the market. And what I thought I would do today with some of these major markets is show you how I work from a weekly timescale bringing it down through the daily and then onto the four hour charts, looking at using the structure of the market to identify potential trading opportunities, or certainly areas of interest that I would potentially be looking to engage the market. So like I said, I'm going to run you through, I think we'll have time to do the dollar index, the euro, sterling, the yen and the Aussie, and then I'll open it up to 20 questions. So like I said, we're going to start with a weekly chart here. And as we, as most traders will be aware, the US dollar has been in a decline. And what I'm looking for, ostensibly, when I look at this type of pattern in the market, is I'm looking for a five wave pattern to complete to suggest that we could then see either a broader correction or a new trend developing the market. So in terms of this current structure with the weekly chart, I have an equality objective. So we have a potential A, B, C targets. So this meaning that wave C is equal to wave A, which would have us down at 87.42 in the dollar index. Now, when I look at wave B, what I did want to see is that wave subdivide into a five wave pattern. And I've got some markers in place here. I think we could be potentially coming into a third wave low here at these prior highs and the prior low, which is structural support. We also have a couple of 50% retracement levels here, coinciding around this 88, 88 area target. Again, that I'm looking for initially is this 87.42. So what I'm thinking at the moment with respect to the dollar index and as we come into the new year and historically from a seasonal perspective, January tends to be a slightly stronger period for the dollar index. So I'm looking for a pause in this downtrend and potential correction. So this is on the weekly timeframe. So then what I want to do is get out of the daily chart and have a look at the daily structure. And again, just digging down into looking at the current swing that we're into the downside. Is it possible or am I able to define a potential five wave structure? So if I'm working on a thesis that we're potentially making a way through low here. Now, what helps me qualify that idea that we're seeing this potential way through low in place? Well, as those that work with me will know that the only rationale really that or the only supporting rationale for taking any countertrend trades is I want to see significant momentum divergence. I means that price is making new lows, but momentum studies aren't and they're suggesting that the current trend is losing some strength and we can likely see a corrective phase develop. So in terms of the week, the daily chart here, you can see we've got a nicely clearly defined trend channel that we're working in. We're stalling out. These orange lines here are weekly predicted range supports and resistance. So we're currently sitting at weekly range support projected weekly range support. We've traded back up here on the daily timeframe. We've come into the weekly pivot and got a pretty nice bullish reversal pattern developing here. But we're going to need to see this take out weekly range, sorry, the weekly pivot first and then the weekly range resistance to encourage the idea that we could see a fourth wave develop. So now if we take this into the four hour chart, we can see we can get a little bit more granular now and start to think about what criteria we'll be looking for to suggest that we can see this fourth wave develop. Well, like I said, the moment currently we've got into the overbought area in terms of the momentum studies here and prices stalled out currently at this weekly pivot. So to my mind, if we hold here and we can't make new highs today, then I can see the potential for us to trade back down into the support zone here at this 89.50 and potentially put in an inverse head and shoulder scenario. So let's draw that in now as well. So this will be our left shoulder and this will be our head. And then we'll be looking for a right shoulder to develop into either tomorrow or Monday. As we know, Fridays and Mondays are typically high probability times for markets to put in points of reversal or correction at least. And so if we can hold this 89.50, we're going to pull that, we consolidate, we've obviously got payrolls coming out tomorrow, which can be a catalyst for a move. If we hold here, if we can hold 89.50, get some consolidation overnight, and that could set up the potential for this corrective move in the dollar index. Note, I'm talking about corrections here, I'm not trading, I'm not looking to pick tops or bottoms here, I'm looking at the logical progression of the price action and where the opportunities are. And if we scroll out here, you can see that I've mapped, we've got a 1, 2, this will be our 3, 4. And in terms of the scope and scale of this 3, 4, I'm really just interested in tracking the scope and scale initially of the prior wave. So I'm using this 91 versus this 89.20 low as a realistic expectation for what we can anticipate in terms of potential wave 4, we also have some prior highs here. Now I use this in two ways because initially, this is certainly if we get up into this area and we have a three wave pattern, watching for bearish reversal patterns there because it's an opportunity to join the trend and play for a new low in terms of price. But equally, if we don't get a reversal pattern here or if we don't find supply coming into the market in and around these levels, then that also gives us information because what that can then tell us is that we could be in for a bigger corrective phase in terms of the dollar index. So these markers in terms of price are really useful in terms of two sets of information. One, they're either going to give you an opportunity to join the trend or two, if price exceeds this prior swing, then we've got to think in terms of a larger scope, in terms of the corrective phase. And what do I do then in terms of logically moving this forward and using the same application? Well, I look to the next biggest swing and then that will give me the new target in terms of the corrective phase, which at this instance is the last three wave move we had on a major scale or on the higher frequency will take us up into this 9215 and these prior lows. But again, it's all step by step. We don't want to get ahead of ourselves and the initial target versus this current swing low and this wave structure that we're currently in will be this 91 area. Can you follow the rationale there? Why in the chat box if this is making sense in terms of how you can start with the weekly chart and actually zoom in and from the information you're getting on the weekly chart, end up on an intraday timeframe, a four-hour timeframe with some specific areas of interest and potential trading opportunities. Okay, so that's the dollar index. Let's look at the euro and let's start with the weekly. So, some interesting things on the weekly chart with the euro dollar. If we look at, if we look back, this is like I said, we're on the weekly timeframe here. If we look back at some prior corrective phases in terms of the euro dollar, if we go back to the last big advance that we saw in the euro dollar, which was from the 2012 low into that 2014 high, we can see that we have this initial move off the low, which when we look at the 2016 low, we also have a similar scale in terms of move, in terms of move, in terms of time as well from the low into the high. Again, this isn't exact one of weekly chart here. It's going to be very difficult to pinpoint down to the hours and minutes, but you can get a broad sense of what the scope and scale of the move is. And if we overlay these prior swings versus our current swing low, then we get this current high or this resistance area that we've come into here around this 124 gives us some information that we may see a pullback here. Again, I'm not talking in terms of definitive or major tops or major lows. I'm just talking about pullbacks because at the moment, to all intents and purposes, sorry, this advance looks pretty constructive. And so I perceive that we can see higher prices in terms of the euro, but come a long way in a period of time, which during prior market phases has been a point at which the market has pulled back and we've corrected. So this is on the weekly timeframe. What do I ultimately anticipate with the euro? Well, I'm looking over the early part of this year for us to test into the 128 area in terms of the euro dial. I think we could go higher ultimately, but 128 is the objective I'm currently focused on. And so now I want to think about how we can get to this 128 from where we currently are, where we could be seeing a bit of a bit of price exhaustion in the near term. So if we drop down to the daily timeframe, again, we've got what we've done here is mapped out. Let's move some of these around. So here's the daily timeframe. And again, what I'm immediately looking to do is identify potential five wave pattern here. We've traded into what could be an equality objective here. And how I measure these quality objectives is, well, what I'm looking at is wave one versus the potential wave four low, giving us a price target and a quality objective, where price may stall out based upon this wave theory. And we've come just shy of there, but what we have tested importantly is this weekly predicted range resistance. And we've got two little tales suggesting there's some supply in the market there. We certainly haven't been able to get a close above 12350 at this stage. And we're seeing a reversal attempt here. Obviously, to get excited about this, we'd want to see a daily close back through the 122.30 area, which is the weekly pivot, similar obviously with the dollar index. But if we can get through there, then I think we can see a three-way correction back into this 120 area before we advance for a potential wave five to finish this cycle and then see a more sustained correction. So if we drill down onto the four-hour chart now, and you can see in more detail how I'm looking at this, we've got this channel, this channel that we've been trading in. You can see again, I've identified a potential five-way pattern here. And so we're either, this is either going to be the wave five high here, and we're going to see the pullback from current levels. Or if we still, if we continue to hold this ascending trend line support here, then what I would suggest is that's going to be waveform. We'll see one more push here into a new high into that 123.70 area, which is that ideal objective with respect to the pattern. And so again, from there, I'd be watching for bearish reversal patterns. You can see we've got plenty of momentum divergence in play here. So we'll see how this plays out. I've actually got a short position all at the moment in the euro. See if this is the wave five high. And again, so this is the thing about these market maps. This is a good skill to have in terms of developing your ability to read the market and get in sync with the market. But at the same time, that's just one aspect of, well, that isn't really an aspect of trading. That's an aspect of market analysis. Trading is about identifying risk reward, obviously, and then being prepared to put it on a position and find out whether or not the trade is actually going to work versus a very specific setup. So what's very important is not to confuse the two. Market analysis is independent and separate of actually trading, putting on a position and managing position and managing the risk reward. Risk reward being the most important part of the trading process. But for now, we'll see if we can take out this trend channel support, then we could have the wave five high for this swing at least in place. Like I say, I view any move lower here as corrective. And what I'm actually looking for in the near term is that we see a test up into that 128 area. So any move back into 120 to my mind, I'll be watching for bullish reversal patterns to set long positions to align with that broader trend. So that's the euro dollar. Let's check in with cable here. We'll move out to the weekly chart to start with and zoom out a bit. Similar to the euro I've identified, as you can see here, some of the last major swings off some major lows in terms of cable would give us a move really up into this 138 area in terms of cable. We've come just shy at the moment. We're just sitting on an internal trend line here at the 137 area, which may prove a point from which we correct. Ideally, I'd like to see us test this 138 before we see a pullback in terms of cable. Versus, like I've discussed in the sessions towards the end of last year, as we hold 126 of support, my actual price target for sterling this year is going to be up into that 147.39. So again, I'm looking for pullbacks to align with a potentially broader trend and larger opportunity in terms of upside wood sterling. So anything in and around this 138, any pullbacks I'd be looking to identify areas then to align with the broader trend versus 126 targeting 147. So if we take this onto the daily chart now and you can see we're in a wedge here in the top side of the wedge. So pullbacks into now the wedge support coming in at this 133 would be interesting certainly to do something on the long side, looking for that 138 test as discussed. And again, we can take this down onto the four hour chart and get a little bit more granular here. So we're sitting at some support here in cable. So if we can hold this current trend line, then there's the opportunity to trade up into that 138. Now from that 138, again, looking up for divergence in terms of momentum studies, watch for reversal patterns of the 138 to set up a test of the trend line back down to 133. Before again, I think we can take off meaningfully to the upside in terms of sterling. Dalyen, let's take this out, complete to the weekly charts. Dalyen is quite an interesting setup here, broader perspective in terms of the Dalyen. From that 2012 low, we had a clear defined five wave advance. Well, I think where we are now is we're in a bigger correction of AB equals C objective. So I'm looking ultimately for a move down to 91, 85 in terms of the Dalyen. And what we want to be thinking about in terms of the wave structure is where we are if we go on to the Daly chart now. You can see we've got a pretty nicely defined trend channel here. Potential wave three low in place. So what I'll be looking for now is a wave four to complete in three waves into this 104 trend channel resistance before we get the next leg lower, which I think will ultimately see us test into these prylos at the 101 handle. So now thinking in terms of where we can get into an opportunity of the Dalyen, let's go to the four hour chart. So at the moment I see two opportunities in the Dalyen. I see one being an opportunity to do something on the long side. And what I'll be looking for is price to stall out in and around current levels 103.80 and get a pullback into this 102.90, which again to my mind will give us a potential inverse hand shoulder scenario, which would then set up the third leg to push into this 104.29. So any pullback into this 102.90 area, watching for bullish reversal patterns on the four hour time frame here to do something on the long side, looking for that trend channel test and potential completion of the wave four, then we set up that wave five down into the 101 area. So that's what I'm watching in terms of Dalyen. And last but not least, let's check in with the Aussie. Let's go to the weekly chart. So a similar thesis really to the sterling and the euro, you can see we have this initial move of the 08 lows in terms of the Aussie. And we've just marginally exceeded it in terms of scope and scale at the moment, but we are finding a little bit of resistance here. Ultimately, I'm looking for a test of this 80 handle and this major descending trend line resistance. From there, I think we could see a pullback, but ultimately the target versus the 70 handle low is a quality objective up at 89.25. So again, what I'm thinking in terms of the markets in terms of two-way trade, we've had this initial burst of the lows here. I think we could be in for a correction to develop something like we saw over here in and around here before we extend higher later in the year in terms of the Australian dollar. So if we then bring this down into the daily chart, and we can look a bit more specifically where the opportunities are, so like I said, you can see this clearly defined wedge that we're in at the moment whilst we hold this trend line support, and I believe all roads lead to this, certainly to the 80 and then on towards 82 in terms of the Australian dollar. And in terms of two-way trading and opportunities on both sides of the market, but at the moment, I've actually got a short position on in the Australian dollar because the potential that this is a wave five higher here, we've traded into daily and weekly predicted range resistance at that 78-20 area, so a pretty nice pullback, hasn't really extended at this stage. And if we hold the current lows, then I can still see scope for us to test this trend line up to the 78-50s. But again, pay attention to the divergence in terms of the momentum study because what I've been watching for is bearish reversal patterns to set short positions. Ultimately, I'm looking then for a pullback into the 75 area, but again, from there, I'd certainly be watching for bullish reversal patterns long positions, looking for that 80 handle. You can see, hopefully this has been a good working example of how you can use these higher timeframes to actually develop your bigger thesis in the market and then overlaying the same wave theory or however you approach the markets. As long as you're consistent, you can see quite clearly how you can track down into these lower timeframes and actually identify two-way trading opportunities, both on the long and the short side of the market. So those are the charts that I want to discuss with you today. I hope you've found those useful. Does anyone have any questions or charts they'd like me to take a look at that I haven't covered? Zoom, Zoom, Sterling Yen. Let's take a look at Sterling Yen. So Sterling Yen, I guess if we think in terms of the Sterling Yen, what we're really thinking about in more ways than one really is the Sterling Dollar. And so what you'd be anticipating with the Sterling Yen is that we would see similar price moves in terms of the Sterling Dollar. So if we go quickly run out here to the weekly chart and what we've got here certainly versus this swing low at the 132, if we can break this descending trend line resistance coming in currently at 142, then I see we've got scope for a move up to 151. Now how do we get there in terms of the near term time frame as well? What we've got here in terms of the daily, let's go back. So we've got this trend channel support. What I would be looking for would be a breakup into this trend line resistance. So if we can get up through this resistance into these prior highs over here at 142 and this trend line resistance, then what I'd see from there would be a three-way pullback ideally, something like this, into this area here at the 138, could be a bit higher by that stage 139. But that's where the buying opportunity is I think, to see prices break out then, and then we can target the next resistance area up at 144. So and then from that 144, we can start thinking in terms of retesting the trend line from above and then we can start to build the case onwards for getting up into this 151 target area. Does that make sense? More of a sentiment question. How's the capital building right? It's going the way of the dollar. Also now the sentence majority. Yeah, so obviously I mean another bizarre start of the year with what we saw last night in terms of the U.S. There are much more broader questions in play, I think personally with respect to America and America exceptionalism, which I think is potentially on the wane here. But in terms of the dollar, I think probably that that gout of unrest that we saw last night and the potential for that to maybe roll over in and around the inauguration. I think we could see a couple of weeks here of dollar stability simply as a safe haven. Ultimately my view is, as you know, I'm structurally bearish the dollar. But I do think we're in the zone here in and around current levels where we could see a corrected phase. But that's all I see as a correction and then what I'm certainly looking for would be looking on the short side in terms of the dollar as we head out through the year. But in the near term, certainly we could see some dollar, near-term dollar strength. I'm reluctant to call it strength as such, but short covering and a corrected phase is really what I would refer to it as. Does that make sense, Charlie? Benjamin, a very basic question. Can you zoom back to the start point of weekly trend lines? In which pair then? Sterling N. Okay, yeah. So what you're looking for, I understand what your way of question is coming from now. The reason why I've got this trend line here is you can clearly find three points of test. So what we can see here is we have this trend line has now clearly been broken and we've retested it and held it. And so what we're looking at is where was the last point of trend resistance, which was here. And then we're tracking back to see, can we connect clearly without having to, let me just move that one, make it easy for you guys to see. So without having to use too much jiggery pokery to make the line fit, you can clearly see that from this point, we have this point and we have this point. So there are three points of connection there. So that's why I would suggest that this trend line will be in play. I ultimately think it gets broken, because as you know, to my mind, fourth tests of any trend line or support or resistance level tend to give way. So I'm really using, I'm only using this as a point where we may see a pullback. I don't think it's going to define a trend change as such. And so I think we can see an extension through that trend line. So that makes sense, Ben. Khalil, is your microphone working, Khalil? Hi, Khalil. How are you doing? Happy New Year. And to you too. I had a problem over New Year's. My computer crashed. Everything lost. All the backtesting are done. Gone. Oh, no. I know, totally devastated. Two months of work down the drain. Nothing. I've got nothing again. I'm starting from scratch. Oh, no. That's hard. So such is life. Is it possible to do... Have you done NZD, USD and UOJPY? You have, yeah? So the Kiwi, the Kiwi basically you can think about in terms of the Aussie. But I'll just show you what we're looking at here with Kiwi. So again, Kiwi, to my mind, what I've been thinking is what did we do back in 08? We've got up here like that. And if we clone that and bring it over here, you can see we're in and around the ballpark of that initial advance of the Lows in 08, which we stalled out and got a bit of a pullback. So what I'd be thinking in terms of the Kiwi here is a similar idea to that of the Aussie. So if I just get rid of that and then we go to the data chart. So what I want to be thinking about is can I identify a potential five-way pattern here which could complete, provide a pullback that will then allow me to join the broader trend. And so quite, at least to my eye anyway, we've got one, two, three, four, and here's potential five. And so if this is the five, what additional information do I want to confirm that? Well, I want to see some divergence in terms of the momentum studies, which we've clearly got down here. We've also got the RSI stochastic price making new high, RSI stochastic failing to make a new high, and rolling over, got a potential bearish reversal developing here. And so then what I want to be looking at is where could we see this thing pull back to? Well, to my mind, it would be pretty easy to see a move that would have us back into this 68 area. But then from there, again, then you want to be thinking about being on the long side. But certainly at the moment, given the setup in terms of momentum studies and what the price is telling us in the price pattern, certainly we're right at least for a corrective phase. And again, what you can use to help give you some markers here is that last correction would see us back down to this 70 area. So this A, B, C could be much sharper in terms of, we could see an A, B, and C finishing here at the 70 level. And again, what you're looking at there is the price going to confirm that for us. What we have got here is a very steep trend line. But look where that trend line comes in, right back at this equality level. So I mean, to my mind, all eyes really want to be on a correction that takes us into this area. So let me draw that in for you. So thinking in terms of this type of thing. And then are the buyers going to step back in? Because if they do, there are upside targets ahead of us. But if they don't, then what does that do? Well, it sets expectations for a broader pullback. And when we think in terms of that, we want to be looking at the cycle lows into the cycle highs. I don't think necessarily we need to look all the way back to 50%. First stop, more often than not, is going to be this 38.2. And a pullback into the 38.2% of the entire swing would have us back at 66%. And still the trend would be intact. The area of interest for me really on any pullback would really be these prior highs. I think that's where they could likely pick this up again. So a snapback that sees us retest is 68 a support and then sets us up for the next leg higher. Does that make sense, Cleo? Yes, yes. I think people are still buying the two dollars. So yeah, that does make sense. So any other questions? Okay, guys, if there aren't any other questions, I'm going to wrap this one up here. And thanks for joining in. Thanks for the questions. And we will reconvene at the same time next week. Thanks very much, guys. I hope this helps.