17/03/01 WEDNESDAY 08:08+1GMT
EARLY MORNING REPORT
Monthly balance, weekly and daily attempted breakout to the downside. We are close to the bottom of the last weekly bracket (last 6 weeks including current one) at 23464 (GB/all sessions low, while 23694 is the pit low) The current one is an attempt below the inside week 12.02: low 23827 for all sessions while 23875 is GB low and 23895 is pit low, after the failure above it at 25478.
We have multiple major references in this zone because we are close to the 2016 year close (GB 23355, pit 23435) and the 2017 year open (GB 23395, pit 2289). Also we are close to the last action upside half back (from 16.01 to 02.02): GB 2362, pit 23583.
For upcoming GB session, in order to confirm or reject the attempted breakout, we need to have acceptation below 23464 that is our main GB ref for today. And that by the way is also a poor low. Also we have to preserve the possible new gap downside that is currently forming during Tokyo session. Other major references are 23316 (second inside weekly balance after 02.10.16 break) that will be, if reached, our second most important level for upcoming GB action.
Then we also have 2 lower composite poc at 2336 and 2285.
Instead, in case of failure downside a return to the composite poc at 2464 is very likely.
For upcoming pit session (15:30+1GMT open time) note that yesterday it made a final test (spike) whose base is at 23995. Right above the half back of the pit move downside from 06.12 (23975) Note that the half back of the same move made by GB is almost at the same level (2396): so this zone is particularly important for both GB and pit US sessions. A pit open below this zone will be an initial acceptation of the yesterday pit session test downside. An open above it will be a clear initial rejection of it. An open below this zone and also below yes pit low (2374) could be interpreted as a strong initial signal downside, because in this particular case we will have 2 excess in the same direction: a spike downside plus a new gap downside.
EARLY MORNING REPORT
Monthly balance, weekly and daily attempted breakout to the downside. We are close to the bottom of the last weekly bracket (last 6 weeks including current one) at 23464 (GB/all sessions low, while 23694 is the pit low) The current one is an attempt below the inside week 12.02: low 23827 for all sessions while 23875 is GB low and 23895 is pit low, after the failure above it at 25478.
We have multiple major references in this zone because we are close to the 2016 year close (GB 23355, pit 23435) and the 2017 year open (GB 23395, pit 2289). Also we are close to the last action upside half back (from 16.01 to 02.02): GB 2362, pit 23583.
For upcoming GB session, in order to confirm or reject the attempted breakout, we need to have acceptation below 23464 that is our main GB ref for today. And that by the way is also a poor low. Also we have to preserve the possible new gap downside that is currently forming during Tokyo session. Other major references are 23316 (second inside weekly balance after 02.10.16 break) that will be, if reached, our second most important level for upcoming GB action.
Then we also have 2 lower composite poc at 2336 and 2285.
Instead, in case of failure downside a return to the composite poc at 2464 is very likely.
For upcoming pit session (15:30+1GMT open time) note that yesterday it made a final test (spike) whose base is at 23995. Right above the half back of the pit move downside from 06.12 (23975) Note that the half back of the same move made by GB is almost at the same level (2396): so this zone is particularly important for both GB and pit US sessions. A pit open below this zone will be an initial acceptation of the yesterday pit session test downside. An open above it will be a clear initial rejection of it. An open below this zone and also below yes pit low (2374) could be interpreted as a strong initial signal downside, because in this particular case we will have 2 excess in the same direction: a spike downside plus a new gap downside.
Ubi maior minor cessat