Hello 7600’s!

Back to ATH?

Good afternoon!

What a great week we had, after finally clearing 7611 and 7622-7628! We stalled right at the zone beneath 7632/7628 which made for a perfect zone bound day on Friday as anticipated!

So, what can we look for into the week ahead? Do we have the momentum to finally re-enter the zone above 7588 and have proper acceptance this time to retest 7611-7621-7628 and potentially 7644-7648? So far, the odds seem favourable considering we pinned Fridays weekly close above our 7555 area, shortly after Thursdays session core retracement to the 7520’s (after holding core at our 7479-7481 area).

Not only did we hold our core areas of 7468-7471-7479-7481 but we also triggered upper core ranges of 7622-7628 after successfully clearing 7571-7578-7581 and breaking the zone walls of 7588-7595 which we’ve struggled with the past few weeks!! The odds were definitely on the table BUT the biggest factor this past week was more or less SUSTAINMENT and proper basing of calculated ranges in order for our big areas to execute!

Although we didn’t quite trigger 7640’s annual range, odds of doing so were quite low and specifically based on where we had opened the week. It was more of a core to core week with lower odds of mass expansions (example 7655-7658-7671-7678).

We are also well aware of how significant the 7640’s are (annual ranges) and that triggering them can allow the market to expand another 346-375-430-460 points in range. If the market isn’t quite ready to commit yet, it’ll stall a little bit. However, that being said, we have sustained our ranges extremely well and based exceptionally well this past week, which was the primary theme!

Weekly support was strong at our core areas but we knew losing 7454-7458 would trigger potential volatility back into the zone of 7388-7411-7421 etc. Avoiding so really helped us sustain and not break back down to those 7350’s-7360’s again.

But the real question now, despite weekend geopolitical risk and releases, does the market have enough steam to at the very least, re-test 7638-7644-7648 this coming week or is it going to keep us delayed through mid to end of month and nest between the zone for a little bit?

Let’s review!