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Written 8pm Tuesday evening for Wednesday’s trading
Tuesday’s Session was
Cycle Day 3 (CD3): Bullish price gap held back test, at which time price continued its upward trek fulfilling Cycle Objectives. Range was 29.25 handles on 1.106M contracts exchanged.
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This leads us into
Cycle Day 1 (CD1): Normal for CD1 is some magnitude decline with average measuring 3769.25. Price closed strong in the upper quartile of the prior range, thus, expectation is for a continuation rally for GLOBEX and RTH sessions. As of this writing (8pm Tuesday evening) price is pushing above Prior High (3797) and approaching CD1 Penetration Level (3807.50) There are two estimated scenarios to consider for today’s trading.
Written 8 pm Tuesday evening for Wednesday’s trading
Tuesday’s Session was
Cycle Day 1 (CD1): Most of the session was of the moderately choppy variety, as it was an “inside-inside” value type day. Price did eventually decline to the projected CD1 Average Decline Target (3772) before rallying back fulfilling Average Rally Target (3792.75). Range was 38.75 handles on 1.195M contracts exchanged.
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This leads us into
Cycle Day 2 (CD2): Part of this cycle’s rally is in place, so expectation is for potentially more consolidation activity before breaking out directionally. There are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3800, initially targets 3810 – 3820 zone.
Written 8 pm Tuesday evening for Wednesday’s trading
Tuesday’s Session was Cycle Day 3 (CD3): Positive 3 Day Cycle Statistic was fulfilled as price held bid, but no further advancement following Cycle Day 2 sharp decline and recovery rally. Range was 31.25 handles on 1.092M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Core cycle objectives have been fulfilled. Normal for CD1 is decline with an average measuring 3648 handle. IF price can clear 3695 – 3700 zone, THEN bulls have the opportunity to push for higher prices heading into the Christmas Holiday. As Danny Riley (Dboy) says:
“Thin To Win”. There are two estimated scenarios to consider for today’s trading.
Written 8 pm Tuesday evening for Wednesday’s trading
Tuesday’s Session was
Cycle Day 1 (CD1): Cycle Day 3’s decline fulfilled the downside range objective setting up Cycle Day 1 Low (3636.25) which was successfully tested during overnight trade. The rally which began during the Globex Session took firm control above the 3660 handle which was yesterday’s Line-In-Sand (LIS). The upside objective of 3688 – 3690 zone which was highlighted in PTG Trading Room has been fulfilled. Range was 52.25 handles on 1.218M contracts exchanged.
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This leads us into
Cycle Day 2 (CD2): Core cycle objectives have been fulfilled. As such, with the price closing near the previous session high, momentum may take the price above 2-day high of 3690. Should this unfold, price is within striking distance of retesting all-time highs. Potential retracement within range would initially target 3675 handle. There are two estimated scenarios to consider for today’s trading.