ED Futures : Range Trade

• Switching coverage from EDZ5 to EDZ6 (last traded 97-73).
• After digesting all that was said overnight post FOMC, my take is that it's not time to get overly bearish of Rates markets yet.
• Chart readings reflect this. Monthly chart has been in a large trading range [98-06, 97-63] for the past 6 months (which  happens to correspond nicely with the 32% and 68% Fibonacci levels of the big down move from 98-74 to 96-95). Last night's trading after the FOMC changes have merely driven us down towards the lower end of this large trading band. I cannot find reasons (chart patterns) to get involved from the daily and weekly charts.
• Given I am already invested heavily on the Fed tightening side (long USD/CAD and short Copper), will try to buy EDZ6 and ZNM4 on dips to go the other way. Both are steep positive carry trades.
• Big picture : Possibly in the right shoulder formation phase of large SHS top. If so, then the real bear trade is probably not until we get a break of 97-20 or thereabouts.