The ends and the beginnings of the months are getting somewhat predictable. We suggested there would be end of the month "book-squaring, or window-dressing", and then preparation for the "first-of-the-month" money. That's what happened. We also warned readers to beware below the lower daily Bollinger Band. Yes, price might try to touch the 200-day MA, but it did not have to. That warning, too, was prescient as prices whipped around to close back inside the band. So, for today, the chart below is still just an alternate, but because of the length-of-time of the pattern it is the preferred alternate. The chart is a 2-day chart of the ES (rollover-contract) futures.
Nothing has invalidated a barrier triangle's measurements, and this one looks better when this starting point is shown, along with the 0 - 2 trend line.
We note that today there was overlap with not only Minor wave 3, on the downside, but then also upward overlap on the internal down wave of the ⓓ wave. Lots and lots of overlap & sideways price movement ... if it looks like a duck and quacks like a duck ...
Have an excellent start to the evening,
TraderJoe
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