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Post-open Review… No respite. – If, Then… Market Timing

Post-open Review… No respite.

Pre-open plunge extending post-open.

The overnight Symmetrical Triangle broke sharply in one direction. As sharply as possible to still be within the Symmetrical Triangle’s orbit. That kept it vulnerable to being a false breakout that reverses more substantially in the opposite direction, if already reversing up by 9:45.

But the clock kept ticking.

The 2045.50 pre-open low was a 261.8% extension of the Triangle. Retesting it had to be done and recovered almost immediately to be dismissed as opening noise. The open’s 5-point plunge to 2043.00 did react up immediately back above 2045.50. Extending higher would leave no new low requiring a retest.

But the clock kept ticking.

Multiple tests of 2043.00 held their 3-minute lows, but the reactions couldn’t recover 2045.50. Chipping away at their support could have avoided requiring an eventual break lower, regardless of the path there.

But the clock stopped ticking.

The 2046.00 bias-down target wasn’t recovered by 10:15, renewing the bias-down signal and putting into play 2039.00. It was quickly met by a 6-point plunge to 2037.00.

2039.00 has so far held, its test reacting up to 2041.00. Oversold RSIs at the low require its retest, probably down to 2036.25. Back above 2044.50 would start to suggest the oversold RSIs will be left outstanding by a bigger detour.