Good morning traders.
Overnight seems to have completed the A or 1 in a correction of this wave from Jan 3rd or it is the start of something larger. Taking out the Jan 3rd low pretty much kills this rally but, one day at a time. we have gone 5 days without a normal zone day which is about 2/3rds of the time. 5 days is rare. So with very high odds we are at mininimum going to get a normal 4 level day but probably 1 or 2 extenstions will not be out of the ordinary. Use these levels for key turn points in the session.
Todays level is 14.25 and half level is 7
Overnight high 81.75 to below
1 down is 67.50
1.5 = 60.25 (the low for now at 60.50)
2.5 = 46.25
4= 24.75 Normal center
5.5= 3.50 I could see it reaching here.
If we take out the overnight high everything readjust using the 14.25 and 7 from intra-day peaks or lows combine the two to get even more accurate points.
I can see us retracing just about all of the overnight to meet cash.
brb more coffee.
Edited by zoropb, 10 January 2019 - 06:42 AM.