Yesterday we saw the bounce of the previous bullish PRZ at +/- 204.49 result in AB=CD target, inline with the 61.8%XA retrace around 207.
the resulting pullback again alerted a possible CD leg higher around 13:00, but it didn’t get to the calculated PRZ of 207.88.
If you’re using the calculator, you simply enter the values , and do an “update” on each successive new higher high, to calculate an “entry” for a possible CD leg lower. This alert was raised on the 15:15 bar.
I use this recalculation of the entry for a leg lower as a trailing stop against a long position. so the 15:15 alert would have been a definite stop against the long entry alerted on the 13:00 bar.
Here in pre-market we see SPY is already close to the 203.3 target of the CD leg lower, which is also inline with the 127%XA. It’s a substantial move overnight. ES is starting to bounce at time of writing. Lower highs, and lower lows is the trend.
in previous post we pointed out that we’re in a CD leg lower on the 60min chart with a calculated PRZ at around 201.
updated 5min chart, circled are the PRZ areas as alerted past week.