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So broke up up out the small range creating a double top. Took out the double top, with immediate failure back into the range. Is this trend resumption to the downside? If so, would be expecting a measured move.
"It does not matter how slowly you go, as long as you do not stop." Confucius
I like the way you think @jackbravo. Personally I was expecting more of a rally, at least back to the quarterly mid point, but thus far it has not made it, and there are a lot of bearish-looking clues.
Pretty much a crap day so far. 6E blew her wad on Thursday, got a lazy rally up with lots of overlapping, back filling bars on Friday and today has been the chart equivalent of a turd. A good case could be made for it going either way at this point, to retest last week's low or fill the gap above.
That range 1.1295 - 1.12485 still holding. Multiple bounces between the range and previous low 1.1261. Given that the range was able to hold off selling from previous low, my bias for this week is range to bull.
"It does not matter how slowly you go, as long as you do not stop." Confucius
Price came back to test the weekly pivot/weekly average price and bounced... 1st target, cam R3, hit.
A couple of smaller projections and targets have presented themselves... price pulled back just before the resistance area indicated, a good possibility that the higher ones could be hit... the pullback is kind of like getting a running start LOL. I think in Wyckoff terminology, this might be called "jumping the creek"?
Quarterly cam pivot 1 is a bit higher, and the monthly average is above that. Let's see what price action unfolds.
Target hit Might not be done yet, but probably expect another pullback of some sort here. Then... wait and see what the market has to offer us in terms of clues.