With this marked up 60 minute chart, you can see that the biggest moves in the market are breaks out of equilibrium zones that last 40 hours or longer, and test of identifiable support and resistance prices.
Yesterday, we had big moves on the upward break of the two day equilibrium zone, and on the fade of the 11/16/09 high.
Overnight, the market has corrected 62% of yesterday afternoon's down wave, and has found resistance at that point. Support is near the 50% correction of yesterday's up wave.
Charles
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