TODAY PA was in a pre open bearish channel and a range run from the long 1400.75 to the short at 1392.5. By the early afternoon, a BO-5 level hit.
KEY POINTS:
1: bearish channel beginning at the Long BOT. Also note the resistance ledge that was a micro resistance, but an appropriate low risk short.
2: PA completed the range run and reversed for longs at the Short BOT and the lower TL of the channel.
3: Upper TL of the channel, and we see another micro ledge for new shorts.
4: A new support ledge develops at the Short BOT. The EMA and the SB are more stronger as a resistance, than the micro ledge is as support. The channel is still in play, and PA breaks for the BO-5.
5: PA trapping at the BO-5 with a test of the 50% level of the control bar # 51 with the bull PB stopped by another micro resistance.
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