Good morning. So we got the scenario 1 fill down past 506 to the bottom of the trendline around 505. That found enough buyers that overnight we have quite a move higher back above the value area and 510 and towards yesterday’s high. We should look for some consolidation in this area and I have two zones drawn that may be of interest. The high of this zone is 512, and this is the area I have mentioned is slippery that could be looking to fill in some value, up to 512. 509 is where we should look for support, then 509.59, around 510.30 above for resistance, then 511 and 512.

1) Consolidation 509-510.30, hovering around 509.59
2) Above 510.30 yesterday’s high area target 511, then 512. Holding in this area is a bullish as the market fills in some gaps.
3) If price heads below 509 we are heading back towards 507.77 the value POC. If price makes it that far consider that more bearish, look for 507 bottom of trend next and 506, 505 as yesterday. Not likely but keep it on your chart.

William Wallace