As mentioned in yesterdays update I was hunting for a flat to show promise on the m13 chart to conclude the months long corrective phase we were partaking in. Boy oh boy did that come to fruition this morning as our break below the lows of the range were QUICKLY bought back up and thus on the H4 chart confirmed a SFP. That H4 candle broke the gate open for the bulls to come rushing in taking all the late shorters liquidity. Now that we have seemed to have reached the top of that move from the lows one is to wonder was that it? Jumping into the charts for me i want to see some things unfold intraday to see if we are indeed in store for one more rally up or if we hit our tipping point and fall. The key level for me on closes above the H1 is the 6.9k level. It both poises for a significant S/R level but also a key EW level as well. If we hold that over the next 24-30 hours while creating a corrective pattern (flat, zig-zag) I will be one I say we continue up to Range high at 7.8k. If we are able to smash 7.8 all eyes for me is 8.1k. A move below 6.9k with volume will be KO for this idea but a wick below on low volume can be allowed. Remember if this entire structure is correct we quite possibly can see one of the worst sell offs since the break of 6k 2018. The pattern we are currently studying on the HTF is an X wave that has taken shape of a FLAT.


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