YM Scenario

 

3-13-2013 YM 39m MTS

Dow Emini Futures initial test of Bearish Deep Crab pattern had a shallow retracement implying a retest

  •  Currently price is testing the PRZ for the second time, failure to break down 14350 keeps price in sideways consolidation
  • A retest of 15350 correlates with the Pitchfork midline, this behaves like a line in the sand
  • A break down of Pitchfork midline and 14350 has the bottom of the Pitchfork as intermediate major target for support test with 14264 being initial Significant support test.
  • Scaling points below 14350 are the green fibs to 14264
  • There’s a probability of a third retest of a significant level of failure to hold.