The bears took control of the market on the weekly profile by holding the time filter below the bottom of the PZ on Monday. This sets up a persistence zone strategy which suggest to sell the first retracement back to the bottom of the weekly PZ or higher. The sell signal triggered at 736.60 once the market found resistance around the midpoint of the PZ and then TF made new lows on the weekly profile taking out the low of the prior candle. This trigger was the start of the sell off today that closed the 7 point gap and then continued lower eventually hitting 710.20. There is an unfilled gap below at 693.30 to 687.60 price area that the bears will attempt to try and close tomorrow. The low of the prior day is 719.80 the close of the prior day is 729.80, look for resistance within this price range. The monthly profile was able to break below the midpoint of the PZ at 724.80 and it also made a bearish breakout telling us to sell the 1st retracement. Keep a close eye on the monthly profile tomorrow as it will be our high concentration profile for the day looking for the sell signal to generate once TF retraces on the monthly and then makes new lows taking out the low of the prior candle and look for a target at the gap fill price level. If the sell trigger occurs below 724.80 the midpoint of the monthly PZ the probability of the market going lower will increase.
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