By the time market open, there will be 2 big gaps to deal with.
The one above is 10+ pts created today, while the one below is also 10+ pts created on Monday open.
ES attempted to fill the gap above and failed, now stopped right at OR 2x.
This whole afternoon will be a waste of time to trade, until after 2pm.
Should the market stays below 50% of its range til then, we may get a sell off into the close.
2 pm – show time.
test of day low likely as long as S2 acting as resistance.
Adam and eve formation in place.
neckline 09 target 14.
What will happen next depends on the ORL, which is also 50% of day range so far, if it can act as support.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Please read full disclaimer here.