Range expansion to 1186.25 x 1162.75. Price is contracting mid range. Overall premise is for test of 1162.75 and/or 1159.50. I have illustrated a potential higher low. This is the logical area where buyers would come in and take the price back up to the highs. If this holds, look for a sideways market 1173.75 - 1186.25 with an upward bias. There is a lower probability of this area holding as the market has tested and moved off new highs and is due for a correction down. I will look to initiate longs if price moves below 1173.75 then back above after a washout. I will also look to initiate longs at 1162.75 with good structure and 1159.50. I will short a break of 1173.75 with good structure but will need a pullback first. This is a prime area for a fake down and move back up.
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