Lock's Cable Corner

as you see...

As it will be crucial 3466 that is 2020 current GB high... Acceptation above it can mean continuation upside. Rejectin above it, a possible liquidation.

Consider this first GB bar as a test of both 2019 and 2020 GB highs...

as you see again...

34145 is highest GB close of September 2020: it was the highest close before yesterday GB close at 34955: if it will fail below it next attempt will be to yesterday GB close...

if instead it will get acceptation below it (34145): yesterday poor low is dead at 33905

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obviously it will do it(34955) only with a clear first acceptation above 2019 GB high 34295: if not, down again to retest 34145...

it looks like C period is a balance: if inside at close, balance rules will apply

C high at HB take note

balance rules..

attempted rally above C

if success back to 34545 and or 3466 if failure back to 34145 and or 33905

I didn't expect such a magnitude but rejected below 34145 and here you are at 34955....

Now 3466 (previous GB 2020 high) is possible support: note that to continue seriously upside we need acceptation above it and above 34955, if not expect balance untill preUS and Pit sessions...

Obviously current Pit 2020 high remains poor at RN 3500 but this does not mean it have to take it out now. Even if clearly possible.

...back to the mean... I'm off for today. See you later or even tomorrow. Don't be fooled by price action and trade safe. Have a nice continuation.

F inside E inside D: if something has to happen is now. If nothing, wait for preUS or Pit...Again, have a nice continuation.

Weekly report

1. We are in a monthly attempted rally above inside October monthly balance 2819-3150 and for now we are in monthly trend upside with the last 3 months in a raw in a one timeframing action upside.
2. We then are in a weekly attempted rally above inside week balance GB 31655-32975 and in a weekly trend upside with the last 4 weeks in a raw in a one timeframing action upside.
3. But we are in an attempted rally from daily bracket balance where tonight Tokyo session managed to take out Friday day low 34095 while for now we are in a one timeframing GB action upside in the last 2 sessions.

So, in order to revert current main action upside as a first step we should come back inside weekly balance and obtaining acceptation below its range high 32975, if not the weekly trend will be confirmed and current absolute 2020 high can be challenged 34935 GB, 35365 Pit, 35395 PreUS absolute.

If GB will instead manage to get acceptation below its weekly balance range high 32975 from which is attempting to rally, we could start to think at a possible further attempt toward GB monthly balance range high - GB October high 3150 - and then, in case of acceptation below it we can start to think at a total inversion of current trend.

As you see my suggestion is to take this market a step at a time and to monitor for acceptation or rejection below or above major references avoiding planning possible moves without necessary confirmations.

Major GB refs for today are>

1. GB 2020 high 34935
2. GB highest December close 34955
3. Weekly GB close 3483
4. GB 2019 high 34295
5. Friday GB low 34095
6. GB November high 3397
7. GB last Thursday poor low 33905 and GB gap upside base 3387

If GB will not manage to gain acceptation below such references an attempt toward 32975 is highly improbable and a new test of current GB high 34935 is very possible. At the opposite if you-ll see price accepted below these levels a test of GB weekly balance high 32975 is more than probable.

Note that if GB will open below gap range 3387-33905 this area will become a double pass gap as we will open with a new gap downside from GB Friday low 34095: so take note of this precious information if this will happen.

2 important levels for upcoming GB session are also December GB open 3382 and November GB close 3338: monitor carefully for acceptation or rejection below them (the second one if reached)