On the 60 Minute Chart above, the market once again found resistance at the upper range of the Equilibrium Zone that the market has been trading in for the last 7 trading days.
In the first hour of trading, the market failed to trade above the -1 Standard Deviation of the statistical opening range, which is the mirror image of what happened yesterday. The market then traded down to the lower limit of the open range, which indicated a short bias for the morning. We then got a 62% correction, which just happen to also be the 0930 ET open price. After that, we got the last leg of the standard three wave move.
Charles
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