b1 Open Bull Range established (OBU)
b2 failed continuation
b3 Open Bear Range established at the close (OBE) just above the daily Middle BOT (MB) at 1254
b4 continuation of short
b5 reversal bar to establish the initial low of the day (LOD)
b6-7 reversed the OBE/OBU range
b9 low failed at the MB suggesting more up
b11 range bar with low at the OBE confirming more bullish
b13 FBO of Long BOT (LB) established 2nd HOD reversal
Range run to test LOD b28
b29 MB reversal but additional bars failed to run the OBE/OBU range creating s/w action of intra-range PA
b44-45 two intersecting TLs above MB and the OBE worth a long
b48 hits target
b49-51 highs stall establish an upper TL (yellow). we have Lower Highs Higher Lows with an extended BO expected
1257.75 was viewed as a limit risk short (upper TL resistance) and PA pushing inside the OBU/OBE
The bears could not break the lower TL. thoughts: Bear BO delayed, more S/W PA or possible bull test of the UTL to confirm resistance (and fbo) or perhaps it will be the anticipate extended BO.
clues: b58 tested the UTL
b59 stalled at the EMA
b60 closes above the OBU
b61 closes above the UTL and is a BO test
b62 continued bull BO at the LB long 1260 Third bull, limited risk
target is the BO-5 level (+5 point from the LB) Exits
BO-5 was a FBO with a reversal. Additional weakness when the PA failed to break the 50CB level.
PA returns to the OBU/OBE range.
Day is done.
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