ES daily big picture ... 870-872 price swing highs 3 or 4 times since early January (black horizontal line) as resistance. Also, 2 fib retracements (red horizontal lines) ... one at 875 (.618) and another at 880 (.786). A Midline currently in 880 area. The blue lines are a trend channel drawn from the March lows.
MO
MonkeyMeat
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Posts: 1,334
Drilling down on the daily ES chart ... have price constriction/wedge coming into a significant resistance AND semi-significant support area shown in prior chart above. Probably due for a decent price move either way w/in next day or few. Upside tgts. 880 initially w/room to 900, espec if mkt keeps its 7 week bull force intact. Downside tgts. ... if 849-850 daily gap from 4/23-4/24 is broken then 846-847 initially and then 836-838 where there's a weekly S1, daily S2 and prior price action support.
SP
SPQR
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Here're lines by Elliot's rules. We've already had a throw over if you can call it a third trading below the first and second wave range (it is a two wave pullup after all) which means it's suppose to top and break for a correction, couldn't top its first third wave and now we're trading out of channel intraday. When it breaks channel in the daily you don't move your lines; you start your count and lines in the other direction.
That'll be all I write about it. We're trying as we might not to trade our dreams.
That'll be all I write about it. We're trying as we might not to trade our dreams.





