Volatility is back and the range has been expanded to 1210.50 x 1181.00. Price had a relatively minor correction down to 1181.00 and has made a powerful move up as discussed as the recent trend in yesterday's prep. Premise for today is for a test of 1210.50. I have marked scenario #1 and #2 for the structured move up. Lately, the price has tended to pullback shallow like in scenario #1. If price fails to get to 1210.50, look for a sideways market between the Globex high and 1193.50. If 1193.50 fails, look for a move back to 1181.00. I will look to initiate longs off 1193.50 or a shallow pull back prior to 1193.50 with minor reversal bars. I will look to initiate shorts off 1210.50 if the price is stretched when it gets there and any break of 1193.50.
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