An early onslaught of selling yesterday was quickly and aggressively absorbed as Bulls continue to buy every available dip in price. This action is quickly building pressure for the next explosive move and the probabilities currently favor higher. Definitive penetration and conversion above 1880 – 85 zone is needed for this scenario to play out.
IF price can break above Prior Day High (PDH) 1880 and hold, THEN initial price target is 1885…Break above this level and hold targets 1888.00, followed by 1892 – 1895 zone.
Failure to convert PDH suggests further consolidation within recent Value-Zone. Initial Support Zone is 1872 – 1874, with layered levels 1866 – 1868 zone…stronger support 1859 – 1862 zone. Violation of 1859 calls for reassessment of bullish case.
Follow Your Trading Rules…ALWAYS USE STOPS!
I know anything can happen, and I can handle anything that does happen. I am open minded. My thoughts and perceptions are clear. I know what to look for. I have rehearsed everything. I adapt to change. I will listen to my indicators and the patterns that emerge. I will adjust and not demand that things continue as they first started.