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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.