There is significant excess now at the all time high on the daily chart:
Tuesday’s profile featured another poor low and very prominent point of control. Acceptance below the POC should have good odds of testing the poor low at 2542.75 and potentially the poor low at 2539.25 from 10/9. Tuesday’s price action was a failed break out of balance to the upside, increasing the odds of a breakout to the downside of the current four day trading range could occur.
Price could also remain in balance, or retest the all time high. Acceptance above the wide POC at 2546.75 should test the settle from Tuesday at 2548.50, a probe above that level could test the excess single prints above 2550.25. If the excess holds the odds of the all time high from Tuesday holding would increase, at least for some time. If the excess is removed the odds will decrease that the all time high would be lasting.
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