ES Daily Candle: Higher High, Higher Low, Lower Close: Yin-Yang Candle
Market Posture: Negative
Daily Swing Line: Higher
Daily Bias: Up (Settle Above 18-day SMA)
Resistance: Upper Daily Bollinger Band
The minuet (b) wave, up, may have topped today, right around the level of 1.5 x minuet (a), down. There's not much else that can be said, except that after the high was made we were following either a small triangle - upward - today, or a series of 1-2-i-ii, lower within that triangle. However, that potential triangle broke lower today, not higher. We have not seen that in a very, very long time.
 |
| ES Futures - 4 H - Possible (b) Top |
Futures settled near 3,195 today.
More confirmation of a top would come with 1) a break of futures 3,191 in the after hours tonight which would make a lower low, 2) trading below the mid-channel line, shown as dotted, above, 3) a break of the lower channel line, 4) a successful back test of the lower channel line, and 5) a critical overlap which would also overlap the minute ((a)) wave, up.
Have a good start to the evening.
TJ
It could be a 4 from Dec 3rd, of a 5 from Oct 3rd, implying a high just before Christmas.
ReplyDeleteIf we go back to a wave B triangle from May 1st to Oct 3rd, then at about 3225, Oct 3rd to the high = 0.618 x Dec 26th last year to May 1st.
If you compare the pattern to AAPL - it would have an ascending triangle wave B to Oct 3rd 215 low, then at about 288, the move from Oct 3rd to the high = last Dec low to May 1st.
DeleteSet up is here for a BB sell signal.
ReplyDeleteWatch 3200. Nothing else significant in the near term.
ReplyDeleteI'm happy to share my experience so far in trading binary options.
ReplyDeleteI have been losing and finding it difficult to make profit in trading for long until i meet [Robert Seaman] who help me and gave me the right strategy and winning signals to trade and also i was able to get all my lost fund back from greedy brokers through Him. now i can make a profit of 12000USD weekly through his amazing masterclass strategy feel free to email him on: Robertseaman939@gmail.com or WhatsApp: +44 7466 770724