Good Morning traders!
The market broke through the lower end of the range and is about 50% retrace of the previous up leg with the overnight action. Friday should see the market fill out some consolidation at a lower level. There will be grail sales at the 15 minute EMA, the 30 minute EMA, the hourly EMA, etc. over the coming week. Often when a market breaks from a range, it can stay under pressure for 4-5 days before setting up a good buying day (a la Taylor).
Some levels are marked off on the chart above……a flush below the Globex low sets up a Buy for a scalp…..short rallies as there are plenty of trapped longs now overhead.
Have a fabulous weekend!
Markets in BO: