THE market began bullish with a nearly complete range run to a BO+5 and nearly a BO+10. The Mid Range today acted like a 50CB for B2 and longs entered B3 for the expected bull move. B7 repeated for new bulls entering the Long BOT above the EMA.
The bull pasted the BO5 and stalled near the BO10. We discussed a H&S pattern that would see strong sellers pushing PA back to 1320-1318. The 3m and the %m both broke the EMA and found that short scenario target.
Longs regrouped at he LB support around B32-34 for a fresh run on the BO5. PA traded in a narrow range with two failed range reversals and two failed break outs of the BO5.
B 65 closed at the low of the bar and bull bars B66 & 67 closed below the EMA followed by the bear b68. This weakness continued with the range reversal with a range run to the opposite level and a short BO5 hit.
Overall, an enjoyable trading day.
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