Prep is complex today. Premise for today is to watch for a contraction. Base premise would be for a test of 1177.50 support but price may contract for a couple days prior to that. I have added more zones than usual. There are several areas to watch and an overall larger contraction that could form between 1216.50 and 1177.50. I will first look for the inside range 1183.50 - 1194.50 today and work off the hold or extension of the range. I think price will be more likely to test 1202.00 which could act as inside resistance and potentially confirm the upper line of a descending triangle into 1177.50 support. This is a speculative projection. Since there are multiple scenarios I will stick to the immediate levels above and below the price. I will look to initiate longs off 1183.50 and shorts off 1194.50 and 1202.00 with supporting structure. I will continue to look to execute at extremes and must not chase my entry points even a couple points.
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