Wednesday’s selling began at the exact low from the prior day.
At the time of this posting, the market had already traded back above Wednesday’s range in the overnight session and price is expected to open back within the prior three day balance. Potential destinations are the upper distribution from the 8/14 profile and the poor matching highs from 8/13 and 8/14.
The gap from 8/6 at 2853.50 was filled in C (third) period when price traded lower to 2853.00, but price did not find acceptance back into the upper distribution from that session’s elongated trading range.
Acceptance back below 2853.00 could target the lower references from Monday’s market profile chart.
Acceptance above the prior two day balance high could again bring focus back to the all time high at 2883.75.
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