Aside from consumer sentiment all other news events should be water down; in fact they’re already talking about a down revision on yesterday’s GDP.
I was expecting to reach minimum 1262.25 and quite possibly 1259.50/75 on the overnight session; it could still be early. But generally after such a large move up the overnight takes back a decent portion of the move, not doing so is bullish
Yesterday we developed a small top pattern; although it’s a neutral pattern; which often indicates consolation; never the less ; but as in all top patterns; we have either one or two intra patterns within it, in this case its one.
Down Target: 1259.50
Up Target: 1304.50
1281.75 is the PR
the pattern has bounce/reversal properties (2)
meaning at 1265.50/75 (against 1290.50/75) a bounce
and then at 1259.50 (against 1304.50)
Then the small top pattern is as following
Up Target: 1318.25
Down Target: 1232.00
No bounce properties
PR = 1283.25
PS = 1262.25
1273.25/75 is the nearest support (non-pivotal)
we still have 29 hours remaining on this current up time cycle
Yesterday crude didn’t participate in the rally (over a few days period of time this is quite bearish) and its down on the overnight session.