Digestion for the first two hours leading to a breakout ending in a 50% retracement.
Third down-arrow in the chart below representing a trade exit, was about one quarter of the position.
Criteria 1b leading to (anticipating) 1a
The market has set up perfectly for a major news event (being that it is elections). The bulls can argue a "W" pattern and the bears can argue the "B" point of an ABC corrective wave. Bears can also argue for the 20- & 50-Day Moving Average crossover. Can easily go either way.
Today's trade with key areas:
Confluence of prices; between the Open print, previous day's high, overnight high all within 2.5-points
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
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