The ignored daily decision-point area at 1292.52 is proving to be a level of worth with the rebound (at the time of writing) forming an extended higher high.
It was reported in the last analysis that we should not discard the fact that price may rally back up to the 4hr S/R flip level at 1304.77 before price finally drops to the 4hr S/D flip area below at 1284.77-1280.53.
Price has indeed rallied up to the aforementioned 4hr S.R flip level, the selling activity is not exactly convincing at the moment, a push deeper into the 4hr D/S flip area above at 1307.58-1315.67 may be needed for a sell-off to commence. What gives us the confidence to say that a sell-off may commence is the way price has approached the aforementioned 4hr S/R flip level (take a look at the small ). Notice how as the buyers were rallying price they were also ever so subtly spiking south to consume any likely demand, thus possibly clearing the path south for the sellers.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.
• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell order (Red line) set just below the S/R flip level (1304.77) at 1303.40 is now active. The sellers will need to prove this level by consuming some of the buyers around the low 1292.04, we will then be permitted to set a pending sell order waiting for a possible retracement.
• Areas to watch for buy orders: P.O: There are currently no pending buy orders seen in the current market environment. P.A.C: 1285.71 (SL: (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: There are currently no pending sell orders seen in the current market environment. P.A.C: 1303.40 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).