Price is starting to contract in the extension area this morning. Read is basic today. If 1176.00 holds as support, bias is sideways congestion to up with the potential of a range 1176.00 - 1183.75. If 1176.00 does not hold, look for test of 1162.75 and watch for a bounce off 1166.25 not marked on the chart. Overall bias is for a test of 1200.00 over the next few days. I will look to initiate longs off 1176.00 and shorts if 1183.75 extends and fails with good structure. I will also look to short a break of 1176.00.
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