7550's-7570's!

May 26th/27th Flip Dates!

Good afternoon!

Well well well, it looks like the market really liked those core retests of our weekly 7520’s targets last week and hold of core ranges into Fridays weekly close! This implied we could see either a flat open or a weekly gap open near core ranges (7520-7522 etc.) All in which would account for us essentially tagging 7550’s-7570’s. Regardless of gapping or not, we had higher odds this coming week anyway to trigger out big targets! Whether we had opened flat, in the zone between 7508-7512, or near core ranges. This opening range just got us there quicker, if anything. So now, what happens next? Are we about to enter yet another zone over 7588 and trigger 7600’s like we discussed the other week?

After a week of perfect compression, digestion, and recycling, we still successfully met all conditions. While the 22nd had the best odds, not tagging 7488 on the 21st reduced that probability of clearing 7520’s and tagging 7550’s as early as the 22nd. This wasn’t necessarily a bad thing as it allowed the market have proper acceptance above 7488-7495 through 7522. We also had multiple flips on the 26th and mainly the 27th which put much higher odds for us to trigger 7550’s as early as the 25th pre 26th flip.

Let’s review and plan for the week ahead, shall we?