Price is sitting on 1193.50 minor support this morning. This will be an important hold or fail. If 1193.50 holds, look for retest of 1210.50 highs and potential extension of highs over next couple days. Could see a range 1193.50 - 1210.50. If 1193.50 does not hold, look for quick move to test 1181.00 and the potential to see a much deeper correction to 1172.50 and 1162.75 over next couple days. Market is overdue for a correction as we have been saying for weeks but keep in mind that the trend has been to continue putting in higher lows. I will look to initiate longs at 1193.50 and on the way up and shorts on a break of 1193.50 and continue selling down to 1181.50. Be cautious of short squeezes on the way down.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.