Hit the Range = Find an Iceberg

Good morning.

It’s 4:55 am Eastern. London session has been open for an hour and has not gone anywhere. We hit the edge of the Globex PT2 range (17:00 - 8:30) and price cannot go lower. PT2 = medium vol.

See how this works? In order for the Iceberg to break, volatility will need to pick up and then run to the next level, which would be extending range an additional 14.75 points. So if the range does break, I would look to see if price bottoms out around 4425.50. Which is between Globex PT2/Prior day low.