REVIEW: From 2727 all the way down to 2700 and back up to the starting point. Weird week, 4th July craziness. Only caught part of the morning down move.
Big picture
We gave up most of June’s gains within the last 2 weeks and set a new low at 2694. The 2018 year-to-date (YTD) VAH sit right around 2760, the VAL at 2630. Price has dropped down to the YTD POC at around 2725 by month end June. The recent downturn has resulted in an unbroken POC at 2800 in February which has been retested three times since.
Daily plan
Long above 2725, short below. Keeping an eye on zone around 2700 and will watch price action should we retest last week’s low. Any break below that would (imo) be super bearish. I could also see us retest Friday’s VAH or even the 2018 VAH even IF we head lower after that.
In the short term, price has to make up its mind around the round 2700 before any more sustained trend will emerge. Here’s to hoping for not too much “chop" until it makes up its mind.
The 2694-2705ish zone could be a good buy zone for people believing in a renewed up trend. Inversely, the zone around 2743-2760 looks like a good place to get in short if you’re in that camp. Any breakout of that area would imo suggest a more sustained trend in that direction.