The Stock Indices persisted in a multiple timeframe rotation. This pause does two things. The first is it gives us a great area of trade location when there is a breakout. Second, it provides us with multiple timeframe areas of support, resistance and projected trade profitability. Remember, when you find a Key Reference Area in multiple timeframes, it typically leads to a greater degree time and price move. The key is being patient.
As you know from the Briefing last week, my patience expired. It was a good lesson learned again. However, once we do see a break, it will be a good move. The key for those of us who trade actively will be patience and looking for those areas of good trade location.
DAILY BRIEFING 201024 from Joe Mertes on Vimeo.