We are starting the day with some bullish weakness overnight. However, we have the longest wave holding steady and strong with bull strength. We have the next longer cycle giving up this strength with the fast cycle coming down. The fastest cycle is below 0 as well but could be strengthening.
Today is a day of caution and to determine exactly where the price is going. The price can come back down to 472 or make its way to the target of 475.59. If the weakness continues, keep an eye on stopping volume that could indicate bulls coming back to play. This could happen as soon as the market opens. If we don’t see that and momentum to the downside, then the price can certainly fall.
I will provide updates throughout the day. If you find these helpful, please boost and leave a comment as encouragement. Thank you!
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I'm done with my trading for the day but I will leave you with my outlook for the day Now there is a high probability for the price to touch 476.26. However, the market moved too fast away from 474.85 and there is an equal probability that we will see this level cross middle of the day before climbing back up. If it crosses, you know what to do.