Tuesday’s Session was
Cycle Day 3 (CD3): This day was referenced as a “wild-card” as cycle objectives had been fulfilled, opening the scenario for a decline unfolding, and it did in fine fashion. Range was 65 handles on 1.963M contracts exchanged.
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This leads us into Cycle Day 1 (CD1): Average CD1 Decline (4136) was fulfilled during the prior session’s decline, leaving today’s question as to retest of HVE (4120) or continuation of the late-day rally to 4157 CD1 Range Objective. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4142, initially targets 4157 – 4172 zone.
2.) Price sustains an offer below 4142, initially targets 4123 – 4120 zone.