harmonics showing daily bounce attempt
id call it 68/32 that we have a daily bounce attempt if we hold these lows. id look for a lower weekly high, and some additional bearish activity going into this week.
weve had a good rundown toward support that did break lower on the real body of futures and cause momentum toward backwardation. 5-6 weeks of red usually calls for a countertrend rally and elliott wave scenario is playing out correctively. this is why im sticking to the plain red path in the middle.
weve had a good rundown toward support that did break lower on the real body of futures and cause momentum toward backwardation. 5-6 weeks of red usually calls for a countertrend rally and elliott wave scenario is playing out correctively. this is why im sticking to the plain red path in the middle.
Nota
the magenta path is on if we find that resistance or lower breaks 4hr momo
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