Unable to take out that support level late in the session & make a run for the sticks @ 2525 on Thursday... Deductive reasoning tipped it`s hand & told us we`d get the always predictable Gap north & ripped it just shy of 60 for the anticipated 30 Handle move. Daily showing Bear flag build out.. playing longer TF`s always require more time & patience.. Anticipating the completion of this break down move to 2400-2450 Target is still intact & in my scope/ cross hairs.
Currently short at 2337. I am looking to add to this short as price goes against me. Looking for at least 4 points on 1st contract. China says it's rolling out new tariffs on U.S. meat, fruit and other products as retaliation against taxes approved by President Trump on imported steel and aluminum. The Chinese finance ministry says in a statement that the new tariffs begin Monday.
I am currently flat this trade with a profit after getting in higher with another contract. I am looking to get in again possibly if price moves higher.
Lots of Air up north in which we can access without damaging this powerful Sell/ Topping Pattern... which means we can easily see further squeezes north as we have not even kissed the steepest TL as of yet. ~Heavy
Last "Active Lo" at 2525 is really the line in the sand here... Bullys want to defend that with everything they have where as Bears want to negate it as that would be Checkmate. Still opportunity on both sides of plate for those that can`t switch hit....
Looking for a trade back to 2620-2610. Another explosive move from there either way. Will wait for that momentum to unfold.