Well, it took price awhile to get there but sure enough it did. Price has now tested 1106 (the low was 1103) and has done so in the look of a zigzag (abc-x-abc). While price can start it's wave 5 at the open tomorrow, we will likely see one more back test before the longs start to party. I would look for a reversal price action tomorrow in the neighborhood of the 786 retracement on what ever move up we get all the way down to 1102 area.
To recap the trade entry, I never got long. There was a technical buy signal as marked on the chart, but I let it go because I didn't like the price action that preceded it, so I was waiting on a push through the 34 SMA, which never happened.
As for tomorrow, I'll be watching for a reversal on the 1st backtest on the 5 min chart.
Best of luck!
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