“Wheels within wheels” – that’s what Gann called the fractal nature of markets. That uniquely perplexing feature of market activity such that markets react to support and resistance at multiple time frames simultaneously.
We can see that price broke through the 1st of the 3rd arc pair and is struggling as it is meandering its way toward the 2nd of the pair. As I have suggested repeatedly here, when/if price closes above the 3rd arc pair, a fun rally will likely commence.
As should be clear from the arrows which are highlighting just a few of the places wherein pricetime has respected the setup, this setup, like it’s much