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I was staring at the night setting charts, which I have yet to map over the day chart drawings, and with no analysis this stood out hard. Playing the other side, on a 30m CL has hit a 5WM target zone. Good symmetry to waves 2/4 and 1/5, plus W5 has confluence of 1.618 of W4.
Crude has been bracketing on a larger perspective... Scratch the bullish bias for Monday. I am coming in with a neutral bias.
95.30-95.50 is somewhat the line, because if it starts to trade back into Thursday's value, that would suggest a rejection of Friday's upper value (if that could even qualify as double distribution).
If a well formed ABC can setup...and hit any confirmed support... maybe.
Friday's move had short squeeze written all over it. Not that it means anything about the validity of the move up though. Many major rallies begin that way... Before Friday's move, I was watching somewhere around 90.
The equities seemed so concerned about the timing of tapering, until Friday's news, but really the numbers were not overly telling. Ambiguous at best. ES found the first major support on Thursday before the report, tagged it and ran back up. That was expected to some degree, but until it takes out the major high, it is WB/W2.
Sudan is not a major player given current inventory. And Sudan is a violence wild card on a good day, so any disturbance is probably just noise...
This is why I closed, I want to see ETH value accepted... AND, I took that 180 tick loss on Friday and still carry some of that with me today. The week is long, and I am looking to stay more balanced than I got by Friday. I do not need to take every trade, that was a great location and it is only A period. That minor 5WM is still a consideration and I want to see the equities open.
Given the move up Friday coupled with the open below Friday's RTH TPO value, this market is not likely to get away from me that easily.