Now, because we are close to the preUS opening time, let's analyze the situation.
Yesterday pit range 24805-2532 left above a very weak poor high. This poor high is in the same price zone of the yesterday GB poor high (only tagged by today GB high at 2340) and today Tokyo high at 25475. Furthermore above this very weak zone we got the pit stops zone of the previous pit poor high of 02.02 at 25645 only tagged by 09.02 pit high (at the pip). Finally above all this mess we also have the top of the US bracket at 2577-79 (31.01 and 02.02 preUS highs): any possible US stop remaining is probably above this price zone.
At that moment in time, if we will find acceptation we could imaging that new serious buyers will be involved in the market, otherwise from above 2577-79 we should see a new substantial correction downside.
If acceptation we have to fill the old double pass pit gap at 25955-2613, obtain acceptation inside the island reversal range (01.02 pit session range) and finally test the 2673 go no go level.
So, "the only" way to skip all this is to build and preserve a new pit gap downside, meaning a pit gap below yesterday pit range (24805). In this case we could have the possibility to continue lower, eventually testing seriously the bracket low at 24437 and then continuing lower to remove the minus development left by 07.02 pit session. And, eventually, take out the cluster of poor lows at 2346-23505.
Note that the scenarios shown here have not to be necessarily fulfilled only during the upcoming pit session. I described here some hypothesis that could need maybe some session in order to be completed.
Yesterday pit range 24805-2532 left above a very weak poor high. This poor high is in the same price zone of the yesterday GB poor high (only tagged by today GB high at 2340) and today Tokyo high at 25475. Furthermore above this very weak zone we got the pit stops zone of the previous pit poor high of 02.02 at 25645 only tagged by 09.02 pit high (at the pip). Finally above all this mess we also have the top of the US bracket at 2577-79 (31.01 and 02.02 preUS highs): any possible US stop remaining is probably above this price zone.
At that moment in time, if we will find acceptation we could imaging that new serious buyers will be involved in the market, otherwise from above 2577-79 we should see a new substantial correction downside.
If acceptation we have to fill the old double pass pit gap at 25955-2613, obtain acceptation inside the island reversal range (01.02 pit session range) and finally test the 2673 go no go level.
So, "the only" way to skip all this is to build and preserve a new pit gap downside, meaning a pit gap below yesterday pit range (24805). In this case we could have the possibility to continue lower, eventually testing seriously the bracket low at 24437 and then continuing lower to remove the minus development left by 07.02 pit session. And, eventually, take out the cluster of poor lows at 2346-23505.
Note that the scenarios shown here have not to be necessarily fulfilled only during the upcoming pit session. I described here some hypothesis that could need maybe some session in order to be completed.
Ubi maior minor cessat
