This past Friday (8.2.13) marked a key Gann Square-of-Nine (SQ9) “Turn Date” completing a full 360 degree short-term cycle.
Whether this date marks a more significant turning point only time will tell…For now, Friday’s high does mark a short-term tradable top, so as we have stated in prior strategy posts, the 1705.00 pivot is the key resistance marker.
Price is now below the three-day Central Pivot Zone (3D CPZ), so the current trend has shifted down until proven otherwise. Be mindful that the larger trend remains bullish, so large institutions will be looking to buy weakness.
Overnight trade has price down a modest four handles into X-Zone at 1686.00…Prior Day Low (PDL) 1688.75..So look for this zone to offer some initial support. IF price fails to find support, THEN further downside target zones 1678 – 81 come into play. On the upside, there is initial supply 1693 – 96 zone.
Remain focused on valid trade setups.
I know anything can happen, and I can handle anything that does happen. I am open minded. My thoughts and perceptions are clear. I know what to look for. I have rehearsed everything. I adapt to change. I will listen to my indicators and the patterns that emerge. I will adjust and not demand that things continue as they first started.