August 4

Discord access link: https://discord.gg/UPbu6PZFDp

Large gap down on Friday resulted in the end of Weekly One Time Framing High. We also saw the “3 Week Balance Area breakout failure” which took us almost to the bottom of the Balance Zone at 6232.

• Going into Monday’s session I’m going to be monitoring for initiative buyers who could get us back above the 6300 psychological level in order to trade into the gap that we have above. On the other hand, I’m going to be looking for sellers below 6262 who can take us back to Fridays’ low.

• If we trade below 6232 I will be monitoring for a move to test the 6200 psychological level. It’s important to note that trading below 6227.50 will end Monthly One Time Framing Higher— we currently on a 3 month streak.

Bullish Scenarios:

• Longs above 6291 or above 6300 targeting 6320.

• Longs above 6320 targeting 6349 or the gap fill at 6358.25.

Bearish Scenarios:

• Shorts below 6262 targeting 6232.

• Shorts below 6232 or below 6227.50 (last month’s low) targeting 6200.