Higher Weekly open and expectation that there will be a 2-day stall reversal.....
Monday is currently pushing down towards the 3-day lows and Weekly 50% level. I would like 1 more down day on Tuesday and hopefully it has a bit more length than today.
For the market to unwind and move much lower, then there has to be a lower close below the short-term support zones. (Weekly 50% level)
However:- I would look for 1 up day after any break of support, and then for the continuation of the Weekly down trend the following day. (sell next day higher open)
If this is going to follow my overall scenario of price moving back down into December lows, then there would probably be an unwinding of markets over the next 2 days before the 3rd day sends the market down (Thursday).
Market Dynamics is different in this month compared to November, and the longer it consolidates above the Weekly 50% level, and closer it comes to contract expiry the more chance it will move higher:-
March contract is running 100 points at a premium to the current SPOT.
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