Lock's Cable Corner

12:18+1GMT
F high is weak at early morning low. If this is a significant short covering we are plenty of weak refs above to correct. If this is only a small correction ,as written, we have space downside to 23117. In any case the weaknesses above will remain a very meaningfull issue untill correction: so carry these information forward.

G inside F.

Balance rules applied well: H failed above G and here we are at G balance low.

And by the way this has been one of the most complex and difficult sessions of the last weeks. Very difficult market.

If for what ever reason this market want to test with a spike, remember that below 23117 we have the old Sydney poor low at 2296 and far below that we also have the old GB poor low of 22537. But I'm very impressed by the above weaknesses of this market so watch out.

Again, note the perfect tag of this level.

Also note I period high at round 2350 an other weak reference inside an already incredible sequence.

preUS opened with a gap downside below yesterday pit range low at 23548. If it's able to preserve it for upcoming pit session we could see continuation downside, if not you know the incredible sequence of weaknesses left above.

B inside A.

15:12+1GMT
What you are watching today is one of the most interesting example you may wish to find in a market. Current participants continue to sell leaving behind themselves amazing weaknesses. Period after period, session after session. Really a notable situation. Watch out!

15:22+1GMT
An here we are at 23117: tagged at the pip. Watch out now!

for any meaningfull continuation downside (considering current GB participants untill 18:00 +1GMT/GB close) we need acceptation below this level. If not a strong correction is possible.

Pit opened with a new gap downside: will this gap enough to avoid a correction upside or not? The daily trend is downside, but the weaknesses left above are almost incredible. So we have conflicting information here.

Whatever the result of today pit session, all what we have above current price location, up to yesterday pit poor high 24267 should be removed, before or after, because in my opinion is really too weak. The only thing that could skip such a correction is an exogenous event. And, considering the times we are living in, I will not be surprised by such a possibility.

Note current C inside B inside A that is inside preUS C: full balance and consequently a break could occur at any moment in time.

...and in fact it happened.

Taken out.

Now for any meaningfull continuation upside we need price acceptation inside yesterday pit session range, meaning above 23548 (yes pit low): if not....

23538 is "our" go no go level for yesterday pit session, remember that: so we obviously need acceptation also above this level. (that is also yes pit low)

And 2356 is the biggest volume valley between the 2 nearest major composite poc: so it could oppose to price action working as resistance. So monitor for continuation after the break and watch out.

Well, I'll monitor the situation but for now I'm off. Have a nice continuation. See you later or tomorrow. Best L.

16/12/21 WEDNESDAY 07:51+1GMT (edited untill 08:12)
EARLY MORNING REPORT

I think yesterday we entered the first "holiday" day of a long theory that will end with the first days of the new year: meaning lack of participation of any timeframe bigger than daily. The great number of exact references (as poor lows and poor highs, exact levels tagged and so on) is a clear demonstartion of such condition. So I suggest anyone here to do what I'm currently doing: play on a demo or on a fake account in order to do your tests and to follow the market but do not be seriously involved in a situation so weak and unsecure unless you are very confident into it.
Anyhow: yesterday, after the perfect tag of our reference 23117, price started a slow motion short covering of all the weaknesses left above. I suspect that this short covering is not ended yet considering the presence of:

1. today Tokyo poor high at 23823
2. yesterday GB poor high at 23877
3. the 2 pips GB gap downside left yesterday just above yesterday GB high
4. yesterday Tokyo poor high at 2408
5. monday pit poor high at 24268
6. (monday GB poor high at 2499): it is inside brackets because it is a pretty far level.

Note that yesterday pit session also made a poor high at 2370 and price is currently above this level: for upcoming pit session it will remain a target unless the new pit will open above it.
After that consider that we are in one timeframing lower action on daily, so the current short term trend is down but also remember that yesterday price tested inside 10.16 week balance and we have been rejected for now. Also yesterday tagged the low of the 11.20 weekly balance and, as any perfect tag, it is not a good low.

Our most important level for today are:

1. 2428 the half back of the entire move up from 10.25
2. 2417 the nearest major composite poc
3. 2557 the biggest "volume" valley between the upper major composite poc 2417 and the lower mojor composite poc at 2292
4. 23315 GB first bracket high
5. 23117 GB 11.20 weekly balance low
6. the lower major composite poc at 2292

For upcoming GB session other important refs are:

1. lowest December close at 23596 (yesterday close)
2. lowest December low at 23166 (yesterday low)

For current Tokyo session and untill Tokyo close at 10:00+1GMT are also important:

1. yesterday Tokyo low at 2372
2. yesterday Tokyo high at 2408 (obviously because it is also a poor high)
3. lowest Tokyo close for December at 23736

A final note: if for whatever reason it will not correct the weaknesses above: watch out! In this case we will go down alongside the weakest of the market participants and consequently in a very risky action: so in this particular case carry all the information forward.

Hi Lock,

again a question....

When there is balance you often wait for acceptation at a break level. You then often write: "if not accepted price can go to the opposite side of the balance"

But when can we say price is accepted or not accepted...or maybe better when are the odds higher that we see an acceptation or a pull back?

Regards,
HappyMe