MA
MarcinO
Rep: 67
Posts: 5,506
I don't know why, but I wouldn't be surprised if the ES played around with the overhead TL, on which it is now, and rolled over for more complex correction.
MA
MarcinO
Rep: 67
Posts: 5,506
A couple of lines are just 3-4 points above the TL.
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MA
MarcinO
Rep: 67
Posts: 5,506
40.50 should stop it, or the chances for short continuation are pretty low.
MA
MarcinO
Rep: 67
Posts: 5,506
ES reacted shy of 52-54 resistance.
The correction may be done here, but the key area is at 40.
The correction may be done here, but the key area is at 40.
Click image for original size
JI
jimkane
Rep: 3,058
Posts: 33,089
As an aside, one on my best contrarian bloggers declared the bear started right at the low area, and has just declared it was a 'false start' so to speak, and the bull is back. Ruh-roh.
JI
jimkane
Rep: 3,058
Posts: 33,089
Anyway, the ES did something it usually doesn't do, and that's make any kind of move in the Friday after close mini session. This time it kept moving up, set a new high for the entire move, and closed almost at the high tick. It is now fully at the monster weekly backtest line. If this is a bear market, it should roll off this, and roll hard. There is a key area above, built from the immediate price action, and that comes in at 76-87, with a grouping of key Fibs at 94.00-95.50. I could see it hitting the lower end of the area, maybe a little above the lower end, and still be respecting the key TL backtest, but not much more.
Still, does it even seem remotely feasible that this is going to dump to significant new lows from here? The only hope I see at all is that not only do all pundits and analysts say no, it's completely and utterly an impossibility, most readers in here, I believe, are also saying no out loud right now. And that's not meant as a slight to the readers in here, who are among the most highly informed out there, I feel, it's more meant to imply just how good they are at sucking people in. We'll see. I don't really care, from a trading standpoint, what these maniacs do with it. So, that's what I'm working with as we reach arguably the most critical juncture perhaps in trading history.
Still, does it even seem remotely feasible that this is going to dump to significant new lows from here? The only hope I see at all is that not only do all pundits and analysts say no, it's completely and utterly an impossibility, most readers in here, I believe, are also saying no out loud right now. And that's not meant as a slight to the readers in here, who are among the most highly informed out there, I feel, it's more meant to imply just how good they are at sucking people in. We'll see. I don't really care, from a trading standpoint, what these maniacs do with it. So, that's what I'm working with as we reach arguably the most critical juncture perhaps in trading history.