October 24

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October 24 Pre-Bell Update

  • Overnight Inventory is long. We are currently trading above yesterday’s single prints much menas that we are back within yesterday’s upper distribution. We have some ETH single prints between 5854.50 and 5458. These single prints add confluence to yesterday’s value area and to the 5852 BZ level (also last week’s low at 5850). We also have the ETH Halfback at 5854.

  • For buyers it’s all about keeping us inside of last week’s range. Better yet, their goal should be to trade above yesterday’s’ high at 5874.75 in order to end Daily One Time Framing Lower.

October 24 Plan

After Monday’s inside day breakout to the downside, which turned into a “2-Day Balance” (Monday & Tuesday) we finally saw a definitive breakout to the downside with today’s selloff.

  • Today’s selling ended Weekly One Time Farming Higher but we can se extant today’s excess low was just above the 5800 psychological level and a couple of points below the October open at 5808.50.

  • With today’s selling we traded back inside the large “14-Day Balance Area” that we traded in during the last weeks of September and the first week of October. Will buyers step back in? Or will we see a balance area breakout failure which could take us back to 5735.

  • We could also see that above us we have a “~7 Day Balance” which means that right now we are technically trading in between these two balance areas.

  • Within today’s profile we have a small set of single prints between 5856.50 and 5858. These single prints are just above last week’s low at 5850 and above the 5852 BZ level. In other words, this is the area that I’m going to be monitoring during tomorrow’s session. Buyers need to get back above this area.

Bullish Scenarios:

  • Longs above 5858 targeting 5881.

  • Longs above 5881 targeting 5900.

Bearish Scenarios:

  • Shorts below 5850 or below 5823 targeting 5764.

  • Shorts below 5764 targeting 5735.

Nasdaq:

  • Shorts below 20,300.00 or below 20,200.00 targeting 20,027.00.

  • Shorts below 20,027.00 targeting 19,782.00.

  • Longs above 20,372.00 targeting 20,585.00.



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October 25