Friday’s Trade Strategy 01.09.15 Scenario 2 played out nicely with price retreating and tagging our lower price target of 2032.50. Here’s an excerpt: “Should a pullback into prior session range develop, levels to be mindful of for support are: 2050 – 2048 zone, followed by 2044- 2042 zone. Should these zones fail to illicit a strong buy response, additional lower levels measure 2036.50 down to 2032.50.”
We will now mark the 2032 – 2034.50 Three-Day Central Pivot Zone (3D CPZ) as “Key Support”…So this makes 2032 – 2058 Range the current trading playground.
Today is Cycle Day 3 (CD3)…Cycle Targets have currently bee fulfilled (2050.50) from the past two days action…So today could see price action that continues to favor bullish case if price can recapture the 2050 handle and convert.
Odds of 3D Rally > 10 = 82% (fulfilled); Odds of Rally > 20 = 53% (fulfilled); Average Range on CD3 = 17.75; Max Average Range = 21.50; Possible High = 2062.00; Possible Low = 2021.00