Prior Session was Cycle Day 2 (CD2): Markets continued to expand this cycle’s rally exceeding target objectives. Prior range was 122 handles on 2.306M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is well above all cycle targets, so the next decline can start anytime. That said, additional upside extension levels target 3821 – 3831 zone. Failure to clear and convert prior high (3808.75) may be the catalyst for the decline/pullback. As such, estimated scenarios to consider for today’s trading.