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That swoosh up was the empty part of yesterday's volume profile, the part where we swooshed down. But now we are at Friday's close and the only thing above that is the weak spike high. Long way around to say it is decision time for bulls and bears and the european exchanges that have provided the after hours rocket fuel are about to close. As they say time to go all in for the bears.
Sorry, there was so little movement on Monday that it sort of disappeared. Monday's close and last nights high are essentially the same so we know what the non US based traders think is high enough. I am calling it the midnight double top.
Trades with cats wrote:Sorry, there was so little movement on Monday that it sort of disappeared. Monday's close and last nights high are essentially the same so we know what the non US based traders think is high enough. I am calling it the midnight double top.
FuturesTrader71 tweeted an image of his Bookmap screen showing the amount of orders on both sides really picking up as we hit this area, effectively stalling the market.
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So if you run some Fib levels on yesterday we are right smack dab in the middle of a retrace at 61.8% so on paper a second leg down has not been ruled out. Personally I don't think the bulls will be confident until 2800 is retaken (76% level).
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