Last week we highlighted that 08.02.13 marked a short-term Gann Cycle Top. Price has not been able to penetrate that high (1705.00). Since then price has continued to attract more sellers on any rally attempt from the bull camp. Today 08.12.13 marks a potential more significant Gann SQ9 Turn Date…So with two cycle highs within a very short span may become a more significant event.
Of course we at PTG never predict…but we do analyze markets and prepare accordingly…We continue to maintain a disciplined approach to price action with strict risk management rules.
Friday marked the completion of bullish 3-day cycle…Price has since declined and reached the average cycle decline between 19.50 – 22.25 handles. Globex low 1675.25 becomes a critical marker for potential support…IF this level can hold, THEN bulls have a chance to push price back up to 1690.00 (3D CPZ) which has been a “key marker” last week.
Further weakness and violation of overnight low suggests sellers remain dominant whereby lower targets down to 1670 – 73 zone.
I am ready to trade. My patterns are verified. My homework is complete. My mind is clear. I have rehearsed everything. I am prepared strategically, emotionally, and financially each and every day.