I usually look for a contraction after a big move but I do not see a sideways scenario early on today. Premise is if price retest the Globex low at 1073.25, look for a continued extension down to 1059.00. There is a lot of air below. If price is able to break back above 1085.00, look for a grinding pull back up towards the 1103.75 resistance area. If the price breaks 1085.00 and grinds up, could see a contraction between 1085.00 and 1073.25. The line in the sand for this overall move up is 1050.50. If price tests that area and fails, we could see some major late August selling.
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