Last week, previous demand at 32427-32167 returned to support the market, so we have scenario 3 where market returned to test the recent 2 highs. Market is now again approaching 32427-32167. Again wait for price reaction to this level.
Play scenarios mapped out: 1) Scenario 1 extension toward 32167-32427 region for a breakdown 2) Market rotates between 34027 and 32167-32427
Price reaction levels Short on Test and Reject | Long on Test and Accept
36446 35750 35330 34945 34027 33066 32492 32167
Weekly: Average vol wide spread down bar close of low = strength Daily: Ave volume down bar closing above mid of bar but off high = minor strenth H4: Ultra high vol down bar closing off high followed by average volume up bar closing off high = weakness
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