On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.4 so far. All of the above macro bullish formations are ON HOLD. I noted we had a higher time frame possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for, likely for days/weeks.
On a lower timeframe basis: The decent trade below $1,965.5 brought in $48.9 of the continued pressure we were looking for below. Within the bearishness the break below $1,928.9 and back above brought in $41.4 of the short covering warned about into a lower timeframe bullish correction, which is likely now complete. An area of possible exhaustion for this correction came in at $1,970.6-77.0—we held this with a $1,970.3 high and rolled over back below $1,962.6-63.1—below which we have seen $33 so far, likely entering into a new lower timeframe bearish structure.
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