The 6909 level makes a lot of sense as the hinge here, especially since it overlaps with that two-week-ago low. The failed breakout setup is textbook distribution after the holiday spike, and the fact that Wednesday's move hit your FDT so cleanly is impressive execution on the levels. The balance structure after one-time framing up all month is basically asking for either a liquidation break lower or a convincing reclaim to set up another leg. I'm watching that 6845 NVPOC closely too since it's bascially the last line before we're testing that 3-week balance low at 6770.
Thanks Smash!
Thanks Smash and Happy New Year!
It's a pleasure to come back and read you again; it's so appreciated when you miss someone for a while.
Thank you and happy new year!
Thanks, Smash. Happy New Year!
The 6909 level makes a lot of sense as the hinge here, especially since it overlaps with that two-week-ago low. The failed breakout setup is textbook distribution after the holiday spike, and the fact that Wednesday's move hit your FDT so cleanly is impressive execution on the levels. The balance structure after one-time framing up all month is basically asking for either a liquidation break lower or a convincing reclaim to set up another leg. I'm watching that 6845 NVPOC closely too since it's bascially the last line before we're testing that 3-week balance low at 6770.