Yesterday’s blog post opined that Mr. Market was in need of a well deserved breather to digest recent gains…and that’s exactly what it did. Below average volume, with a nice “back n fill” price consolidation down to “key support” between 1868 – 70 zone highlighted.
Here is excerpt from yesterday’s blog post: “Trade Strategy favors more back n fill action within ten-handle zone between 1870 – 1880. We will be buyers on the dips to key intra-day support, as well as opportunistic sellers near upper developing resistance boundaries”.
Previous price parameters outlined remain intact…namely 1870 – 1880 zone. We will continue to monitor these boundaries for signs of breakout. Today is Cycle Day 3 and there still is room to push higher and reach cycle price targets.
Here’s the outline: IF price can penetrate and convert 1880 level, THEN upside cycle targets measure 1884.50 through 1888.00. Failure to exceed 1880 suggests more consolidation within current range. Violation of 1869.00 and lower conversion suggests weak buying interest and projects 1858 – 62 zone for next buy response.
Trade Strategy: We will be buyers on the dips to key intra-day support, as well as opportunistic sellers near upper developing resistance boundaries. IF price breaks out and converts, we will aggressively play bidirectionally.
Remain Disciplined and ALWAYS USE STOPS!
I can recover from any setback. I have an attitude of abundance. I affirm abundance in the universe. I know I cannot begin to count the stars. I realize the ocean doesn’t care whether I go to it with a bucket or a teaspoon. I know the market provides a river of opportunities. I invest in my capabilities. I will be happy with my results.