REVIEW: (from last few post)
We had two back-to-back days with the same range values, and PA remained true to those ranges. When we see this, a significant range BO is anticipated, the BO-15+ variety. That BO came yesterday.
On the charts for today, we still show the BO-10 and BO-15 (important levels) from the Range Bound BO. These will be eliminated as PA moves away.
PRE-US MARKET
US OPEN
(A) Euro Zone activity pushed to the BO-15 level and stalled, selling off back to the Short BOT for today. The FBO at the SB was indicative of a range reversal. Key formations at the reversal were the SB(naturally), a 50CB, and the start of the lower bullish channel TL. (B)
The range run bounced from channel TL to TL to (C) where we see the Long BOT, the TL cutting at a 50CB level and another reversal back into the range. These key formations occur over and over and at key levels. Levels developed "before" PA get to that point.
US MARKET
PA continued to play with the channel but showing signs of a bear BO. We could be seeing the early stage of a double top from 1/10 (1291-92) that has the potential to retest a low around 1278-79 prior to conquering the 1300.
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