I zoomed out to try to get the big picture... because the short term picture has pivots making higher highs and lower lows it seems muddy to me.
the large blue fork does a great job of projecting prices likely path even when price left the main fork and headed towards the outside lower median line. notice on the blue dashed lines the overshoot of the center median line is the same distance overshoot of the outside lower median line... pretty cool if you knew to look for it (not me not yet)
It appears we are retesting the outside lower median line and if this reversal continues there is an 80% chance of reaching the next median line... notice there is a green fork there as well... that median line also has 80% chance of price reaching it.
will be interesting to see if the blue lines hold frequency moving forward
as for December contract: price is moving horizontal and can be expected to remain horizontal until we break out of this box. as this month moves closer to front month I would expect the volatility to increase and price to move out of the range one way...
Edited by frytownfarmer 8/7/2017 09:29
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