On the lower time frame you can see whats going on in my 30 minute chart. The market started to make a market structure top on the 30 minute and hourly chart. After poking around and breaking a few stops the market decided not to breakdown. Instead it reversed and put in a market structure bottom on the 30 minute as well as a . Seeing the market given an opportunity to breakdown and instead reverse and print market structure is very on the short term. Off of the market structure bottom on the 30 minutes chart i drew a small pattern on the lower time frame which points to a target in the 9600 range. Looking back at my i notice there is alot of confluence in the 9500 to 9800 area.
Plenty of people will be taking profits at the 38.2 fib, they will be taking profits at our 4 hour target and our 30 minute objects. They will also be shorting the red line which represents previous market structure tops. This being said in the short term i expect a stab up into 9500 to 9800 areas before we enter a correction. Once that correction is complete we can start thinking about the moon but until then stay focused and make sure you can come back to play the game again another day !!!