Good afternoon!
Happy Sunday long weekend to my Canadian family!
We had quite the week, with market making new all time highs like we had anticipated but not only that, to our EXACT max range at 5348.50/5349! How amazing is that?! CPI broke highs and allowed us to further break to the channel until remaining zone bound for the remainder of the week. Although this was a pin back beneath prior ATH of 5333.50, this was a MUCH better pin in the zone this time around compared to the previous time. Last time, we broke the top of the zone above 5332 and then stalled, pinning us in the bear zone.
We KNEW that entries above 5332 would classify us an entry into the channel, with odds of revisiting that area again in the future. Had we stalled beneath 5332 last time, that may have not been the case. That tiny tiny range difference, may have just essentially protected us from that extra point or two of downside and limited us from fully breaking increments of 4ths (4958). I’ll have to explain in more detail but it really is fascinating. So, what now?