After a very big day down yesterday a smaller range day would not be a surprise, i have plotted out the S and R lines and shown 3 possible paths. primary idea in Red shows a consolidation range bound trade with the upper and lower boundaries marked, if we move below the lower boundary is idea 2) in Green and shows us moving down to possible area of 56.11. and then third idea is in blue and is a bullish idea and most likely will not happen until some early choppy action. So today could be real easy or pretty hard to get a good indication of the markets intent
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I see I did a crap job of describing idea 1, In my mind we did idea 1 very well an open sideways that drops, but sorry my description was not real clear on this idea. will post if I see a new trade entry
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oil has moved down to the top of the open gap window and could be the spot for support. watching to see if this last 10 minutes is a bear flag or a bounce. if a bounce it has been on very low energy (no pun intended) so I remain short and looking for the gap to close