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There's a good chance you're right but I think we might get a couple more points on the upside before it drops....might not happen but would like to see it.
For today we have had so far a very small ON range which will facilitate the break of one of its extremes during the RTH.
Prices have been trading right on the upper extreme of the pivot range.
Looking at the ON profile we can see prices right above that yesterday RTH LVN.
Finally, looking at the RTH profile, we see some support around 1307/08.
So my idea, at this moment, is to look for a break of the 14 area (right below the ON low) that might generate sufficient sell pressure to bring prices to the 07/08 area, not only testing that apparent support that has been forming for the last 4 days but also that 08 area coincides with the base of the pivot range seen in the first chart.
Also, the composite for the last 6 days shows a VPOC right at the 08 area.
If I become half a percent smarter each year, I'll be a genius by the time I die
1) Head and Shoulders, not that I really care
2) Inability to set new highs
3) The Sunday gap was immediately sold fast and furious, and this week once again inability to set new highs
4) No divergence on delta
So I still believe another wave down is coming. Looking for 1290 as T1, 1280 as T2.
possible Bull @ 1295.75
