Upthrust towards 35,925 gap, as foretold in earlier post this week, came sooner than anticipated.
This convincing move above previous 2023 highs has placed us in a new range, which is 28,535 to 42,140 (first quarter to mid of the entire move from peak to trough).
Mid for new range is 35,337.50.
CME gap immediately above remains unfilled until 35,925 prints.
Also, two additional gaps in new range that remain unfilled until 39,900 and 41,245 print respectively, which provide additional incentive for test of range highs in due time.
To be fair, there are also gaps to the downside that are also in range, which are at 31,485 and 29,685, which very well could incentivise test of range lows at 28,535.
Time will tell.
TL:DR anticipate giga bid around 28,535 to 29,685 (range lows), if it comes, for the inevitable move up to 42 (range highs).
Also, it's important to note, if we're done ranging, having had 18 months of rangebound accumulation from April 2022 through October 2023, and this is truly the start of an uptrend, a retest of 28 is unlikely. Simply because we'll be in an up-trending and not ranging environment.
This is what makes buying here and now, from this juncture, justified; in the event of a continuation of rangebound (28-42) then we're likely en route to 42, with the possibility of a retest of 28 before 42, and in the event that this is start of an uptrend we're in direct route to 42.
-jhonny
This convincing move above previous 2023 highs has placed us in a new range, which is 28,535 to 42,140 (first quarter to mid of the entire move from peak to trough).
Mid for new range is 35,337.50.
CME gap immediately above remains unfilled until 35,925 prints.
Also, two additional gaps in new range that remain unfilled until 39,900 and 41,245 print respectively, which provide additional incentive for test of range highs in due time.
To be fair, there are also gaps to the downside that are also in range, which are at 31,485 and 29,685, which very well could incentivise test of range lows at 28,535.
Time will tell.
TL:DR anticipate giga bid around 28,535 to 29,685 (range lows), if it comes, for the inevitable move up to 42 (range highs).
Also, it's important to note, if we're done ranging, having had 18 months of rangebound accumulation from April 2022 through October 2023, and this is truly the start of an uptrend, a retest of 28 is unlikely. Simply because we'll be in an up-trending and not ranging environment.
This is what makes buying here and now, from this juncture, justified; in the event of a continuation of rangebound (28-42) then we're likely en route to 42, with the possibility of a retest of 28 before 42, and in the event that this is start of an uptrend we're in direct route to 42.
-jhonny