Lock's Cable Corner

Let's see preUS: in any case I do not like today profile (Sydney+Asia+GB). Too many anomalies going downside. Take note.

2881 is current pit Feb low: watch out for rejection or acceptation above it!

Well that's a good shot, isn't it?

And this was a good info too.. Now: if it was weak before now is weaker. But again, this does not mean it has to took it out now, it means that you have to be aware of it..

Now I do not know if 2850 will be taken out: what I know is that those who bought there if tested could be forced to sell. In any case let's see we are only at the first period.

2881 again in case it will test it: monitor for acceptation or rejection above it.

B period base at 2862 was half back (weak money): add this to 2850 weak low and carry forward these info.

In case of acceptation above 2881 the full retracement of today weak structure is possible, up to 29285. In case of rejection 2850 is almost sure.

Is C going to be an inside period?

Very tricky situation here...

Nor B, nor C nor current D closed above 2881: this is the reason why I called it a tricky situation.. Now D period low is at half back as it was B period low at 2862. And we know 2850 is weak. I've no idea of how it will develop but I know for sure where the weak money are: they are buying.

Furiously buying...

They buy at B and they profit, they buy at C and they profit, they buy at D and they profit, they buy at E and they...

Clearly there are days where no body react to such craziness and maybe weak money manage to profit all day long: surely this is not a profitable way of trading on the long distance as for any day like this they will find ten days being punished..

Yesterday Pit session has been ruled by weak money all day long. Tonight Asia added more continuing to buy and leaving a new poor low at 2879. So we have only weak levels down to 2849 current weak February low. Till now, nobody punished these weak buyers.

We are in an attempted break below GB January low 2954 and we are back inside GB November 2019 range (2898 higher extreme) and below December low 2896.
On a daily base we are in a one time framing lower action.

So in my opinion we could have different scenarios here:

1. GB will open and continue lower remaining below all its major refs (2954, 2898 and 2896) eventually gaining acceptation below yesterday GB close 2877. This could lead the market to correct those weaknesses left downside down to 2849 and eventually more toward November 19 low.
2. GB will open, attempt a test upside, removing GB triple pass gap at 2946-52, will not find acceptation above 2954 and retrace back to correct the weaknesses left downside (down to 2849) toward Nov 19 low.
3. GB will open, remove the weaknesses downside down to 2849 and then retrace back upside to retest 2954 removing the triple gap 2946-52. In this case scenario if we will get acceptation above 2954 we could see something significant upside.
4. GB will open, ignoring the weaknesses left downside, reach 2954, test it and find acceptation above it and continue higher. (this one is the most improbable but still to take into our consideration)

Note that currently we are inside yesterday GB session range 2849-29255, If so also at open, in my opinion the most important thing to consider will be again balance rules: the extreme of yesterday Gb session could then decide the following development of current action unless GB will remain in balance between those values.

It looks like we are in one of the two following scenarios:

this one

or..

We have a double gap at 29795-29945 and an other double gap at 2885-2907: will it test again 2972-75 major pit refs? Or will ti retrace back to correct lower weaknesses?

If it will continue higher yesterday pit session will become an island reversal. With possible major consequences upside.

I suggest to consider preUS session as balance: balance rules apply.

2942 first pit major ref above: go-no go level here.