Today’s chart continues from where yesterday’s post left off. Hindsight is always a great teacher and the overnight action following the close of our straddle at 1:00 shows that closing that position was a good decision. We have witnessed two more tight consolidations to successively lower levels following last night’s straddle exit . . in each case the session open was punctuated by a brief rally followed by a quick plunge to new lows. If that pattern continues into today’s session we can expect another tight consolidation for the remainder of the day somewhere between 1.3150 and 1.3125. On the larger time frames the 6o minute, 4 hour and daily charts are bearish . . diverging from our Friday bullish expectations.
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