Looks like it is going to be choppy here the next two weeks. There is three directional changes 8/4, 8/9, and 8/10 with a Panic cycle on the 9th.
Lots of space between the minor bearish reversals and the next major bullish reversal. If price should clear these minor reversals on a closing basis then we would expect price to travel down to the Major Bearish Reversal located at 72.00
Once we get our isolated low we will generate another set of minor Bullish Reversals unless we make a low below June 24th low...then we will probably create more Major Bullish Reversals.
Once a line is elected on a closing basis it is not used anymore.
This data was downloaded on 7/30