Wednesday’s profile developed mainly above the prior day’s late pullback low at 2910.25, only dipping below that price level by one tick in the second 30 minute trading period.
Potential trading scenarios could include price breaking out above the one day balance and accelerating higher to new all time highs, or break out lower to test the thin lower structure in Tuesday’s profile, and potentially lower.
Another potential trade scenario could be a ‘look above or below balance and fail’, which if occurs should at least see price test the opposite side of Wednesday’s balance.
With zero volatility there is also the chance of the market remaining in balance just slightly above or below Wednesday’s range. The very prominent point of control at 2914.50, or ‘fairest price’, should have high odds of being revisited.
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