30/12 I am just pointing out the potential target if the IHS fails as it has in the recent past. The 2434-37 area will be the one to keep an eye on.
Comment:
For now the 2517-18 level seems to have VST support. Below that, if it gets there, it might stall at around 2508 before heading to the 2499 or so mark. A failure there could target 2480 area. Just a heads up, there is Brexit related stuff going on this week so any news could be used as an excuse to target the 2480 level which I believe to be the Maginot line between bullish and bearish. My expectation for tomorrow is either we head up to the 2060 area and then PB or we head to the 2509 area before pushing back up. Of course, a bit early as O/N session is still a few hours away.
Comment:
In yesterdays update I had mentioned that my expectation for today was to either head up to the 60 area and then PB or alternatively head down to the 2517-18 area (BY mistake I posted 2 charts) and then push up. We got double action. We hit the 56 area o/n, PB to the 23 ara and then today after a sluggish start went up to the 66 area. For now, it appears that we are bear flagging and I expect another trip down to the 2539 area and then 2520 area might put an end to this. I think that that the 2594 area is a likely target for this push up. My target for a PB is about 70-80 points so if we head down from here then 2480 is a likely candidate and if it is from 2590 area then the 2498-2508 area.
Comment:
I did not get the target of 39 as expected but we had a dual action day again. A push up to 2581 a PB to the 47 area and now back to 75 or so as I type. I think that o/n we are likely to tag the 91 area. previous spike high and then see what give tomorrow. MY expectation if that happens, is a retracement by tormorrow's open to close gap and then another push to 91. IF we get past that then 2526-30 is likely. IF we start selling in the o/n session then lets say I would be watching the 58, then 39 and the 23-25 areas. There a re many ways to skin a cat!
Comment:
We did not hit 91 as anticipated, but tagged 86. We sold O/N to the 74 area and again headed up as I type. The 91-94 area is still valid but I would keep stops tight. A break of 75 would target the 39 and 23 areas
Comment:
23 should be interpreted as the 17-20 area.