As I wrote earlier on S.C., price is currently within the 7620 to 7687 minor which is a .618 of the recent swing. Overlapping this level is the that has been in play for some time.
On top of that, 7896 is just over 200 points above, which is very possible for this market to test. This level is a reversal zone boundary which means if the break out of this consolidation is going to fail, that is the most likely area for it to happen.
Remember, this does not mean it will fail. Price may very well break through and test the 8185 resistance which I have been writing about for some time.
The idea is to be prepared in case price does present reversal patterns. At S.C., we have nothing to do but watch since there are no patterns worth justifying risk. We are keeping close eye on a number of alts and accumulating them for our portfolios, but that is beyond the scope of this article.
In my earlier report, I talked about the levels that we are interested in. If the market is able to retest, then perhaps we get an opportunity. All we can do is follow our plan, not force on plan on the market.