Lock's Cable Corner

and back to open: still inside period

attempted break downside.

Note that this action is leaving upside a monthly poor high at 3394 (11.25) and today poor high at 33625

33215yes pit poor low

also, more important: 3323 lowest pit unch of current week

and we are in the last period before GB close

and last week high 3312

3302 inside pit session low (11.24)

32975 is currently GB lowest week close

If this thing will get acceptation below 3323 it can become serious. More than serious if below 32895. Otherwise it is only liquidation and will be retraced completely.

GB closed 3306 above its lowest close for the week. At least for GB participants, nothing changed. Let's see pit participants alone.

a better ref to understand current situation is 3302, more than 3323. Monitor for acceptation or rejection below it.

Now, I want to clarify:downside we have huge things to do and there is nothing strange at all in a possible serious action downside. For instance we have 32635, 3257, 32205: they are all huge weaknesses left downside coming upside. The problem is what we left upside going down. I didn't see a clear test of major trendline and I see huge weaknesses left before it.

Obvioulsy it won't be the first time I've seen a market going down leaving upside undone jobs. But in any case I suggest to take this situation a step at a time. And this is the reason I continuously underline lower refs: if we will get acceptation below it, ok, will stay aside this move. If not, all the way back.

F inside period:balance rules

Thanks for your analysis really helped me a lot for decision making

Thanks everyone. See you next week. Have a nice continuation. Best.

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Have a nice weekend bud...your analysis are too good

Weekly GB report:
We are in an attempted monthly rally from monthly balance (November is attempting a rally from October inside month high 3150)
We are in a weekly trend upside. But again, with an attempted rally from inside weekly balance range high (31655-32975)
We are in a daily balance where Friday GB attempted a break below inside session range (33415-3378)

I didn't see a good test of major trendline upside (somewhere above 3400) and so when I saw Pit session continuing in the GB attempt to go lower I stressed possible levels capable to stop the action and retracing back upside for a serious test of major trendline). Also Pit was coming down leaving upside an ugly month absolute high at 3398 (made by 11.23 GB and PreUS, tagged by 11.26 Tokyo) and 2 back to back Pit poor high (11.25 at 3394 and 11.27 at 3362)
Now, if you remember how all November month rally occurred you will see that sometime a market can rally even without the correction of very important weaknesses (Nov pit low is poor at 2890 in fact) and the same thing can occur in the opposite situation (move downside) but I think that in any case a trader must take a market a piece at a time considering market reaction at important levels: so unless I will see a clear acceptation below our major refs I will continue to consider the upper test unfinished.

So, in relation to previous posts, here are the GB major ref of today:

1. GB inside session range low 33415 : with acceptation above it by upcoming GB session the opposite side of GB inside session balance (3378) is very possible.
2. GB week close 3306 : no continuation downside without acceptation below this level is possible during GB session.
3. GB inside session range high 3378 : acceptation above it could lead to a retest of current November weak high 3398 and possibly to a first serious test of major trendline above 3400.

At the opposite if you will see acceptation below 33415 and then acceptation below 3306, a liquidation toward major weaknesses downside is very possible, eventually leading to a failure of weekly attempted rally upside (GB acceptation below 32975) and possibly more...

I consider the failure of a possible test of major trendline (somewhere above 3400) as probable. In such a scenario (failure at major trendline) expect a severe liquidation. But obviously no one can exclude with absolute certainty a success above it: in which case something major can occur as that trendline is respected from 2007. So be prepared for both of these options (if the test will actually ever occur)