In previous reports, I have been writing about the 8412 (.382 of recent structure). This was the area to look for a reversal pattern which appeared today which is the candle also known as an outside bar. 8721 was the trigger, and I missed this entry because I was in the middle of a live presentation in the Lakewood Ranch area of Florida (What a great audience). There is still a chance to get long, but I will include the trade details on this report but on the SC site.
With that being said, as far as the potential goes, the first resistance that this market needs to take out in order to prove that the buyers are back in control is the 9414 level which is a minor reversal zone boundary relevant to the 9177 peak. IF this market is going to produce a false breakout, that area is the most likely location which means prices above the 9177 peak are not the best place to initiate new positions.
IF price can break above 9177 and close strong, that would open the door to the 9998 to 10696 (.618 area relevant to the recent structure). That is a good idea to consider locking in some profits, especially for people holding inventory from much lower prices.
In summary, my goal for this brief report is to offer a heads up that a trade trigger has gone off and even if you missed it like me, there is still opportunity for those who understand how to quantify the risk at this level, especially for a swing trade. Check out SC for more on this.
Special Thank You to the participants of the Lakewood meetup earlier today. And very special thanks to @Troybrave and his friends for the warm welcome and the extremely generous gift. I was overwhelmed with the warmth and reception of this audience.
here is my observation ..