We started the day with a sell off inside the lower range for the day. A channel was developing with a mid line off the bar 1 50CB. I will draw the top for bears (bottom for bulls) then copy a parallel line for the opposite side. The mid, if used, will come off a 50CB or other target.
Price was a FBO at the lower range and quickly retraced the B12 50CB and tested the B11 CB. Price was positive to the 50CB trend line and at the top of the bear channel. At these points we will always consider the possibility that the trend can stall, and in this case, return to selling.
[10:41] <CM> us mkts top of bear channel will look for additional selling
By bar 17 we were hitting the b3 50CB and likely pull back in price. Both B17 and 18 closed off their highs at the 1840 area.
[10:54] <CM> 16182 3519.75 1135.3 1840
These targets were the pull back levels to watch for shorting. The issue: we have a strong bull developing due to the gap to the 20ENA and the gap above the 50CB TL. The 1840 would not be considered until later in the afternoon, albeit price was stopped by a higher 50CB.
the next set:
[11:06] <CM> 16202 3527.5 1139.8 1843
[11:11] <CM> pa pushed higher now see if it will return to the pb pt we have 50cb's below and a prior pbs for a target
The high was set and price traded in the upper range with test of the lower 50CB at 1842.
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