Four Hour Chart
The Four Hour chart is giving us a great macro view at the moment. We can clearly see price rotation and balance with Value area high at 71.47 and value area low at 70.60.
We are currently trading at the low end of value @70.79 with expectancy to rotate back up to the high end of value.
Note: Because markets do not go straight up and down expectancy is to see rotations (Accumulation) before price rises (or falls) again. This can mean one to three days of a rotating market on average.
Note 2: We had a heavy sell off Friday afternoon. Afternoon rallies and selloff's are usually indication of further price action in the same direction so we could see selling all the way down to 69.44, then 68.50.
My Expectancy on the day: Rotational market (Accumulation) with maybe a new low from Friday put in.