Regardless of the expiration of the Feb contract, the price action could not wait to test the low end of the support that the Feb contract had confirmed during its term as prompt. The declines are still within the recent range and have had no impact on the long-term implications that the market has provided since last July. See the chart below which was first sent a couple of months ago.
Weekly Continuation
The series of higher high and higher lows is the exact opposite of the declines experienced in 2019 and early 2020. That period was symptomatic of a series of lower lows and lower highs. As discussed, this market continues to be changing its long term bias from negative to more positive.
