Obviously there is quite a bit of time remaining between now and CME open on Sunday. However, it is quite common to see a rotation towards the CME close when futures open on Sundays.
The CME close on Friday was 40640 so if price stays in this current range we could start seeing a rotation to the downside leading up to futures open on Sunday in order to fill the gap. That price point would be in line with the .236 retrace - and would also be ideal for a re-test of the smaller range we briefly saw on Friday.
Note: If price moves higher than 41970 the fib levels will change.
The CME close on Friday was 40640 so if price stays in this current range we could start seeing a rotation to the downside leading up to futures open on Sunday in order to fill the gap. That price point would be in line with the .236 retrace - and would also be ideal for a re-test of the smaller range we briefly saw on Friday.
Note: If price moves higher than 41970 the fib levels will change.
Comment:
Still consolidating nicely in this range as expected. We should start seeing some downside rotation towards the CME close as we get closer to futures open in the next couple of hours.