Though the Markets have enjoyed a “relief rally” of approximately 50 handles from our “Prime Turn Alert” on 6/24 https://twitter.com/TradePilotPro/status/349230432002396160/photo/1 further advances should encounter increasing headwinds.
Price is half-way back from its fall and there is a gap to fill from 6/20…That gap is a “black-hole” which beckons to be filled with volume…It will be interesting to see if and when it can get filled.
Key level to consider today is 1595 which was resistance yesterday until price broke through…now 1595 becomes first key support point to test on any significant pullback. IF price can stay above PDH at 1601.25 (1604 pre-mkt), THEN upper targets can extend to 1607 – 09. Reversal back through 1601.25 calls for retest of key support…Violation of that level breaks down to 1590 – 92 zone.
I am courageous and I always act, even in the face of uncertainty and possible loss. Do not say, no fear. Feel the fear and act anyway. I may be frightened, but I still saddle up. I am not reckless. I act promptly in accordance with my methodology. I respect my calculations. I have a healthy respect and I balance that respect with my courage. I am an explorer. I am on a hero’s journey.