Last week we flushed a key level at 6452 and institutions started to buy at the 6364-70 level to build their positions in preparation to take the market higher on Friday at 10am during the Jackson Hole meeting.
I wrote on Friday at 4:30am EST - "I missed the overnight flush of yesterday afternoon 6370 low (2:30am) and now price is coming into the overnight session resistance of 6399.25. I need to identify either a move to retest 6412, back test 6399 and then buy on the support for a move to test 6420. Ideally, we could sell off back to the 6364 level or even better 6350, scare retail investors and then wait for a reclaim of 6364 to get back in and ride up."
What did price do when it reclaimed the 6399 level? It built a nice bull flag between 6399-6407 from 4:30am-9:30am and instead of flushing one more time, institutions bought heavily at 10am and we rallied up the levels and then started to build a structure for the next move.
What is next? 9/10 when price rallies the way it did on Friday, we need a day or so to chop sideways and build a base for the next leg. On Friday afternoon price started build a nice bullish structure. Until proven otherwise, we should reach our targets above by end of the week. It typically does not go in a straight line!
Monday, I expect price to chop around between 6474 - 6496 with 6454 being the lowest we would want to see price reach before we keep moving up the levels in yellow. First target is 6508 then 6522, 6547 as my first 2 targets and bulls can still reach 6562, 6581, 6595 if they really want it!
Pretty straight forward, look for price to flush 6474, reclaim and rally up to 6496, 6508+. Depending on how price acts at the session open, will depend on what are good spots to enter. First place is a flush and recovery of a level below price in yellow or we clear 6496, back test and then clear 6508. I will send out an update note this evening and around 6am EST once the European open has settled out.
I wrote on Friday at 4:30am EST - "I missed the overnight flush of yesterday afternoon 6370 low (2:30am) and now price is coming into the overnight session resistance of 6399.25. I need to identify either a move to retest 6412, back test 6399 and then buy on the support for a move to test 6420. Ideally, we could sell off back to the 6364 level or even better 6350, scare retail investors and then wait for a reclaim of 6364 to get back in and ride up."
What did price do when it reclaimed the 6399 level? It built a nice bull flag between 6399-6407 from 4:30am-9:30am and instead of flushing one more time, institutions bought heavily at 10am and we rallied up the levels and then started to build a structure for the next move.
What is next? 9/10 when price rallies the way it did on Friday, we need a day or so to chop sideways and build a base for the next leg. On Friday afternoon price started build a nice bullish structure. Until proven otherwise, we should reach our targets above by end of the week. It typically does not go in a straight line!
Monday, I expect price to chop around between 6474 - 6496 with 6454 being the lowest we would want to see price reach before we keep moving up the levels in yellow. First target is 6508 then 6522, 6547 as my first 2 targets and bulls can still reach 6562, 6581, 6595 if they really want it!
Pretty straight forward, look for price to flush 6474, reclaim and rally up to 6496, 6508+. Depending on how price acts at the session open, will depend on what are good spots to enter. First place is a flush and recovery of a level below price in yellow or we clear 6496, back test and then clear 6508. I will send out an update note this evening and around 6am EST once the European open has settled out.
Not
9:48am EST - UpdatePrice touched 6460 this am and has been battling between 6462-6473. We should rally IF, price can clear 6474. Below 6460 and I will be looking for a quick sell and recovery of the 6461 level for a move higher.
Not
11:26am EST - Update Price has reclaimed the 6472-74 level and is moving higher. We should be able to hold 6470 on any back test. Initial target is overnight session high at 6488. IF, bulls want to take it further we could see 6496, 6508+ today. Below 6460 and we need to pull back further to levels in yellow for flush and reclaim.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.