iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,782 Blog Posts

Mapping Out Potential Paths of The Market

The market pressed higher yesterday evening during the Asian session and spend most of the early AM hours consolidating the move before going on another rally as we wake up in the USA.

I was watching the how the market formed a double top at 1689.50 yesterday and made note of the level as vulnerable.  Sure enough we’ve traded through it and should we trade back down to the level I’ll be looking for signs of buy flow.

If we see price holding above 1695, it may not take much effort to lift us back to Tuesday’s high at 1700.50.  Low volume profile tails, in this case a selling tail, tend to get back filled.

I’ve highlighted a few scenarios on the 24 hour chart, and marked up important levels on the RTH profiles:

 

ES_MarketProfile_08082013

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One comment

  1. Raul3

    looking like a variation of scenario 2 and 3…a wide balancing of sorts, buyers rejecting lower prices and working back toward value at 1692. CHOPPY WATERS because the sellers just had their conviction sopped up with a biscut

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