Premise for today is to see if price can complete the cycle up to 1216.50 highs. The is inside support at 1201.25. This is very shallow but will hold if this trend continues to be powerful. If 1201.25 does not hold, look for deeper correction down to the 1195.00 area and a potential higher low. There is a lot of news this morning and the action could get volatile. The other scenario today would be the unexpected which is a tight congestion 1201.25 - 1208.00. In either scenario the key trades will be off the zones. I will look to initiate longs off 1201.25 and 1195.00 higher low if price gets there. I will look to initiate shorts off 1216.50 after a failed extension and off a break down of 1201.25. As I have been saying for weeks, shorts will be tough and prone to washout. I will look to execute at extremes today.
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