Further downside trade in prior session marked a critical 7.5% pullback…At this juncture price action can be classified as normal ABC type correction…The real question: Is it complete?
Overnight trade pulled back to the pivot breakout level at 1559…So this level becomes “key marker” for pit traders. As long as any further pullbacks can hold 1567 – 69 zone, price has potential for relief rally back to 1582 – 86 zone. Penetration of PDH targets 1594 – 96 zone.
How the next few trading days unfold will provide better insight as to investor sentiment regarding recent pullback.
I will identify my mistakes and learn from them. I am optimistic, realistic and honest. I will not make up stories about the good or bad things that occurred in the past or are happening now. I admit when something is not working. My optimism gives me faith and courage. I will not fall prey to blame and fear