If price opens within this range early focus could be on acceptance or rejection of the separate distributions.
Price acceptance below Friday’s low could target the prior weekly low, as Friday’s liquidation break could equate to a failed break out of balance to the upside.
If price reenters a prior distribution the potential exists to reach the opposite end of that balance. If price does re-enter the upper distribution the excess single prints could be tested. Acceptance back above 2694.75 could target the 4/19 high at 2703.50, which could be considered a weak reference, as price traded to just a single tick below the 4/18 low following a small gap opening lower.
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